Housing starts surged by 20% m/m to a seven-year high of 1.14m annualised in April, as homebuilders finally put the weather-related difficulties at the start of the year behind them. Looking ahead, the labour market continues to improve at a healthy pace, mortgage credit conditions are gradually loosening and home sales are on a clear upward trend. Combined with the strength of homebuilder confidence, this all suggests that housing starts are now firmly back on track to rise past the 1.2m mark this year.
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