HOUSING STARTS UP 5% IN MAY
Permits, however, fall 4.6%.
Housing starts in May rose 5% from a revised April estimate to a seasonally adjusted annual rate of 1,350,000, 20.3% above the May 2017 rate and a 10-year high, the Commerce Department reported Tuesday. Single-family housing starts in May were at a rate of 936,000, 3.9% above the revised April figure of 901,000 and 18.3% ahead of a year earlier. The May rate for units in buildings with five units or more was 404,000.
Building permits in May dropped 4.6% from April to a rate of 1,301,000 but remained 8.0% above the May 2017 rate of 1,205,000. Single-family authorizations in May were at a rate of 844,000, 2.2% below the revised April figure of 863,000 but 7.7% ahead of May, 2017. Authorizations of units in buildings with five units or more were at a rate of 421,000 in May.