WASHINGTON, D.C. — The pace of U.S. housing construction rose more than expected in May after three months of declines as groundbreaking on both single-family and multifamily units jumped but permits for future projects fell, a government report showed on Tuesday.
The Commerce Department said May housing starts rose 5 percent in May to a 1.957 million unit annual pace compared to an upwardly revised 1.863 million unit rate in April.
Economists had expected housing starts to stabilize at a 1.85 million unit pace in May, edging above April's initially reported 1.849 million unit rate.
Construction starts for single-family homes rose 2.1 percent to 1.586 million unit pace, while groundbreaking on multifamily buildings with five or more units rose 25.4 percent. Starts on structures with two or more units rose 19.7 percent.
Source: U.S. Commerce Department
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