US single-family building permits at 7-month high; housing slump persists
May 17, 2023 | Lucia Mutikani | Reuters
Permits for future U.S. single-family homebuilding jumped to a seven-month high in April, giving the struggling housing market a boost, but tightening credit conditions could make it difficult for builders to get finance for new projects.
The third straight monthly increase in single-family building permits, which was reported by the Commerce Department on Wednesday, reinforced the recent improvement in homebuilding sentiment. Still, major obstacles remain for the housing market, with the report also showing the pace of single-family home completions falling to a 15-month low, likely because of shortages of transformers and other building materials recently cited by builders.
