Housing Starts Drop to Lowest Level Since April 2020

The U.S. government is reporting that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,549,000, which is 14.4% lower than April’s revised number and 3.5% lower than one year ago. May’s rate for units in buildings with five units or more was 469k. Privately‐owned housing units authorized by building permits [...]