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- U.S. housing starts decline in May
U.S. housing starts decline in May
The Commerce
Department reported on Tuesday the building permits issued for privately owned
housing units rose by 0.3 percent m-o-m in May to a seasonally adjusted annual
pace of 1.294 million, while housing starts fell by 0.9 percent m-o-m to an
annual rate 1.269 million.
Economists had
forecast housing starts dropping by 0.4 percent m-o-m last month and building
permits being flat m-o-m.
Data for April were
revised up to show homebuilding increasing to a pace of 1.281 million units,
instead of gaining to a rate of 1.235 million units as previously reported.
According to
the report, permits for single-family homes, the largest segment of the market,
surged 3.7 percent m-o-m at 815,000 in May, while approvals for the
multi-family homes segment declined 5.0 percent m-o-m to a 479,000 unit-rate.
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