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US housing starts grew 3.6% in May to an annualized rate of 1.57 million, the Census Bureau said.
Builders are struggling to shore up home supply as demand remains elevated and construction costs soar.New home construction bounced back in May, but still missed economist forecasts as supply-chain issues kept contractors from servicing unprecedented demand.said Wednesday. Economists surveyed by Bloomberg held a median estimate for a 3.9% jump.Building permits — which serve as a more forward-looking indicator of residential construction — fell 3% to an annualized rate of 1.68 million.
The May report signals that, while home construction is picking up, the rebound is far from alleviating pressure in the red-hot housing market. Massive demand throughout the pandemic saw sales rates skyrocket and drag inventories to record lows.
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