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US housing starts slip 0.3% in May, but beat estimates

by ChemOrbis Editorial Team -
  • 17/06/2016 (09:24)
According to data from the US Commerce Department, US housing starts fell 0.3% to a seasonally adjusted annual pace of 1.164 million units in May, exceeding economists’ estimates calling for a pace of 1.15 million units in a survey by the Wall Street Journal. On a yearly basis, meanwhile, housing starts in the US rose 9.5% in May compared with the same month of 2015. In the first five months of the year, housing starts climbed 10.2% compared with the same period in 2015.

Construction of single-family houses also climbed 0.3% to an annualized pace of 764,000 units while housing starts for volatile multi-family houses fell 1.2% to an annual pace of 400,000 units in May. Housing starts for single-family houses rose 9.0% to their highest level since December 2007 in the South while they also rose 12.8% in the Midwest.

Single-family starts in the Northeast increased 12.7% while single-family housing projects in the West rose 1.9% in May. However, single family housing starts fell 14.7% in the Midwest, posting the lowest level in the last six months.

Meanwhile, US building permits edged up 0.7% to an annualized pace of 1.138 million units from April’s revised rate of 1.130 units. The Wall Street Journal economists had expected to see a rate of 1.15 million in May.
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