Housing starts dropped 9.8% in May to 1.256 million units—the lowest since 2020—after rising 2.7% in April, according to yahoo!finance.
Applications for building permits, a good indication of future activity, fell 2% to 1.393 million units in May.
Single-family housing starts rose 0.4% to a rate of 924,000 units. Multifamily starts plunged 25% to a rate of 316,000 units. Building permits for single-family homes fell 2.7% to a rate of 898,000 units, and permits for multifamily homes rose 3% to a rate of 444,000 units.
The completions rate for the single-family housing segment rose 8.1% to 1.027 million units.
