Housing starts and construction permits up

Housing starts rose more than expected and permits for future construction touched a five-month high in May, according to the Commerce Department. Housing starts rose 3.5 percent to a seasonally adjusted annual rate of 560,000 units, retracing almost half of April's steep decline.

June 17, 2011
housing market, construction, construction growth, housing starts

U.S. housing starts rose more than expected and permits for future construction touched a five month high in May, but recovery is fettered by a glut of pre-owned homes, according to Reuters.

The Commerce Department said housing starts rose 3.5 percent to a seasonally adjusted annual rate of 560,000 units, retracing almost half of April's steep decline. April's starts were revised up to a 541,000 unit pace, which was previously reported as a 523,000 unit rate. Economists polled by Reuters had forecast housing starts rising to a 540,000-unit rate.

For more information: http://www.reuters.com/article/2011/06/16/us-usa-economy-instant-idUSTRE75F3D420110616

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