Housing starts rise in May

Housing starts rose 6.8 percent from April to May, according to the U.S. Census Bureau. Construction decreased to a seasonally adjusted annual rate of 914,000 compared with 856,000 in April.

Single-family construction starts rose 0.3 percent. Building permit applications, which are viewed as a barometer of future construction, fell 3.1 percent in May to 974,000.

Housing starts are far above the annual rate of 478,000 in April 2009, which was the recession low. Housing starts also were 28.6 percent higher in May than in May 2012. However, a 1.5 million annual rate still is needed to be considered healthy.

Date : 6/20/2013