This morning, housing starts have risen by 19% month-over-month, reaching a seasonally adjusted annual average of 1.43 million units. This marks a year-over-year increase of 3.5%, indicating a positive trend in the housing market.
Conversely, the stock market is experiencing a downturn as the ongoing chip sell-off continues to impact investor sentiment. Stocks are lower this morning, reflecting concerns in the tech sector.
In terms of building permits, there was a slight decline of 3% month-over-month; however, they still rose by 2.3% year-over-year, suggesting a mixed outlook for future construction activity.