US housing starts beat expectations in May

The US Department of Commerce has released building permit and housing starts statistics for May.

Thus, housing starts increased 21.7 percent in May compared to the previous month and reached 1 million 631 thousand.

Housing starts, which reached the highest level since April 2022, were expected to reach 1.4 million in this period.

Home starts decreased 2.9 percent in April to 1,340,000.

Home starts in the country also rose 5.7 percent on-year in May.

BUILDING PERMITS AT THE HIGHEST LEVEL OF 7 MONTHS

Construction permits, for their part, increased 5.2 percent monthly to 1,491,000 in May.

Building permits, which reached the highest level since Ekin 2022, were expected to reach 1 million 425 thousand in this period. Construction permits decreased 1.4 percent in April and were determined at 1,147,000.

Building permits in the US were down 12.7 percent on-year in May. (AA)