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US housing starts decline, building permits soar in May

by ChemOrbis Editorial Team -
  • 16/06/2015 (17:30)
US housing starts declined in May, but building permits hit an almost eight-year high according to data released by the US Commerce Department. New housing starts dropped 11.1% to a seasonally adjusted annual pace of 1.04 million units in May after posting the highest level in more than seven years in April with 1.17 million units. The country’s May housing starts missed economists’ initial estimates, which called for 1.10 million units in a survey by Reuters.

The data showed that construction of single-family houses declined 5.4% to 680,000 units while housing starts for multi-family houses slumped 20.2% to an annual pace of 356,000 in May. Across the country, housing starts in the Northeast and the South were down 26.5% and 5%, respectively.

Despite the decrease in building starts, May building permits, an indicator of future groundbreaking, reached their highest level seen since August 2007. Building permits jumped 11.8% to 1.28 million units. Permits for single-family houses rose 2.6%, reaching to their highest level since December while multi-family building permits surged 24.9% in May.
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