Residential construction in the US dropped to a five-year low in May, as homebuilders grappled with volatile tariffs on imported materials, stubbornly high mortgage rates and excess inventories of unsold units.
Housing starts fell 9.8 per cent month over month to a seasonally adjusted annual rate of almost 1.26mn homes in May, according to data released by the Census Bureau on Wednesday. It was the lowest reading since the Covid-19 pandemic stalled construction projects in 2020, and below the almost 1.36mn starts economists expected.
Permits for new construction also dropped more than expected to an annualised rate of 1.38mn units in May, the lowest since June 2020.
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