U.S. Housing Construction Increase by 5.7% in April but Fall Short of Expectations

US: In April, U.S. housing starts rose by 5.7% to an annual rate of 1.36 million units, according to the Commerce Department. However, this increase fell short of the 1.42 million units economists had anticipated. Despite the monthly rise, housing construction remains 0.6% lower than last year. The gold market saw little impact from this data, with June gold futures trading down 0.30% at USD 2,387.70 an ounce. Additionally, a 3.0% decline in building permits to 1.44 million units indicates continued challenges for the housing market's recovery. Economists emphasize that increased construction is necessary to boost inventory levels and reduce home prices amid ongoing economic pressures from higher interest rates and low housing inventories. 

Source: Kitco News