Posted by: youngragingbull | June 18, 2013

U.S. housing starts rise 6.8% in May

New U.S. housing starts rebounded 6.8% in May to a seasonally adjusted annual rate of 914,000 after a large drop in the previous month, the U.S. Commerce Department estimated Tuesday.

Despite the rise, the gain was below expectations – economists polled by various media outlets had forecasted new starts to rise 953,000.

Starts fell 14.8% in April due to a sharp decline in apartment construction.

In May, starts for single-family homes increased 0.3% to a seasonally adjusted annual rate of 599,000, while starts for structures with at least five units jumped 21.6% to a rate of 315,000.

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