The Census Bureau, Washington, D.C., reported that privately owned housing starts in May were at a seasonally adjusted annual rate of 1,353,000, which is 3% above the revised April estimate.
Permits increased 3.4% in June.
“Lower single-family starts are in line with our latest builder surveys, which show that while builders are concerned about the current high interest rate environment, they believe that mortgage rates will moderate in the coming months and lead to higher construction in the latter part of 2024,” says Carl Harris, chairman of the National Association of Home Builders and a custom home builder from Wichita, Kansas.
On the jobs front, total nonfarm payroll employment increased by 206,000 in June, and the unemployment rate changed little at 4.1%, according to the U.S. Bureau of Labor Statistics, Washington, D.C.
