US housing starts decline, building permits soar in May
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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