Economics
Starts of U.S. Homes Increased Slightly in May, Permits Eased
- Beginning home construction rose 3.6%, permits dropped 3%
- One-family homes authorized, not started highest since 2006
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U.S. housing starts rose slightly in May and applications to build dropped to a seven-month low, suggesting the pace of residential construction may be moderating after a recent run-up in building-materials costs.
Residential starts rose 3.6% last month to a 1.57 million annualized rate, according to government data released Wednesday. April starts were revised down to 1.52 million. Building permits slipped 3% in May.