Pull Back in Housing Starts but Rise in Permit Activity
Starts dropped in May by 11% from April and came in at an annualized rate of 1.04 million units. The April starts figure was a seven-year high. Despite the drop, a surge in permit activity points to increased levels of construction in the months ahead. Pulled permits rose to their highest level since August 2007 at an annualized rate of 1.275 million which was a 12% increase from April. The gains were led primarily by a pick-up in activity in the multi-family sector.
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