Housing Starts in U.S. Declined to 593,000 Annual Pace in May

Builders broke ground on fewer U.S. homes in May than anticipated after the expiration of a government incentive boosted construction and sales in preceding months.

Housing starts fell 10 percent to a 593,000 annual rate last month, the lowest level this year, from a revised 659,000 pace in April that was less than previously estimated, Commerce Department figures showed today in Washington. Building permits, a sign of future construction, unexpectedly declined to a one-year low. Single-family home starts suffered the biggest drop since 1991.