housing starts May 2022
  • Prior was 1724K
  • Building permits 1695K vs 1785K
  • Prior permits 1819K

This is a terrible number for Q2/Q3 GDP. That's a very sharp slowdown in construction and it came even before the latest spike in interest rates. The real estate market is looking like a sudden stop at best right now. The thing is, there's a shortage of housing in the US and this is only going to make it worse. Down the line, that's inflationary.