US Housing Starts Collapsed In May To Lowest Since COVID

The US housing market experienced a significant downturn in May, with housing starts plummeting by 15.4% compared to the previous month, marking the lowest level since the onset of the COVID-19 pandemic. This sharp decline follows an 8.5% drop in April and signals a continuing struggle in the sector despite high inventory levels. Building permits also dipped slightly, indicating potential future challenges. This downturn is critical as it underscores the ongoing difficulties in the housing market, which could impact broader economic recovery efforts. For more details, check out the full report on Bloomberg.