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US Housing Starts Collapsed In May To Lowest Since COVID
That pulls the Housing Starts SAAR to its lowest since COVID (after reaching the highest since 2024 in April)...
Source: Bloomberg
Under the hood, it was multi-family (rental) starts that collapsed:
Housing Starts single-family drop from 899K (revised lower from 930K) to 882K
Housing Starts multi-family drop from 486K (revised lower from 529K) to 284K
Source: Bloomberg
Did 'renter nation' just die?
Multifamily permits also fell...
Housing Permits single-family rise from 881K (revised higher from 872K) to 886K
Housing Permits multi-family drop from 491K (revised lower from 514K) to 474K