June Housing Starts were up 3% from May to an annual rate of 1.353 million units versus 1.30 million expected, though 4.4% below the June 2023 rate of 1.415 million. Building Permits, a sign of future construction, rose 3.4% to 1.446 million versus 1.40 million expected.
Single-family housing starts were at a rate of 980,000, 2.2% below the May figure of 1.002 million. The June rate for units in buildings with five units or more was 360,000.
The takeaway... it was good to see a better-than-expected print as demand remains strong. If home borrowing costs continue to inch lower and supplies rise, the housing sector may be able to breathe a sigh of relief.