Housing Starts in May rose by 21.7% to 1.63M Units, Which is much stronger than estimates.

Single Family starts rose 18.5% last month to 997k units. The key to future activity is the Housing Permits, which were up 5.2% last month at 1.49M units.

Completions also increased by 9.5% last month of which 3.9% were single family homes. We need inventory in a very bad way. This is a good start but not out of the woods yet.

On Friday, the Teamsters union with over 340,000 UPS workers, voted to overwhelmingly strike.

Have a great rest of this short week.