The U.S. Government is reporting that privately owned housing starts in May were at a seasonally adjusted annual rate of 1,092,000. This is 5.5% below April’s estimate and is 2.4% below May. Single-family housing starts in May were at a rate of 794k; this is 3.9% below April. The May rate for units in buildings with five units or more was 284k. Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,168,000. This is 4.9% below April 0.8% lower than May 2016. Single-family authorizations in May were at a rate of 779k; this is 1.9% below April’s figure. Authorizations of units in buildings with five units or more were at a rate of 358k in May.
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