US Housing Starts Surge Most Since 2016, Exceed All Estimates
- Beginning construction jumped 21.7% to 1.63 million pace
- May starts of single-family dwellings highest in 11 months
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US housing starts unexpectedly surged in May by the most since 2016 and applications to build increased, suggesting residential construction is on track to help fuel economic growth.
Beginning home construction jumped 21.7% to a 1.63 million annualized rate, the fastest pace in more than a year, according to government data released Tuesday. The pace exceeded all projections in a Bloomberg survey of economists. Single-family homebuilding rose 18.5% to an 11-month high.