Housing starts fell in May

Housing starts fell 5.5 percent from April to May, according to the U.S. Census Bureau. Construction decreased to a seasonally adjusted annual rate of 1.092 million compared with a revised estimate of 1.156 million in April.

Single-family housing starts decreased 3.9 percent. Building permit applications, which are viewed as a barometer of future construction, decreased 4.9 percent in May to 1.168 million.

Housing starts are well above the April 2009 annual rate of 478,000, which was the recession low. However, they are 2.4 percent lower than in May 2016. A 1.5 million annual rate still is needed to be considered healthy.

Date : 6/16/2017