Housing starts surged 11.6 percent in May, the biggest percentage rise in almost seven years and a reversal of two straight months of falls, according to the Commerce Department and the NAHB ...
Housing starts surged an unexpectedly large 11.6 percent in May, the biggest percentage rise in almost seven years and a reversal of two straight months of falls, according to the Commerce Department and the National Association of Homebuilders.
Ground breaking for new homes jumped to a seasonally adjusted 1.733 million annual rate from a downwardly revised 1.553 million rate in April, the biggest climb since July 1995, the Commerce Department also reported. Single family starts-the largest category of activity-jumped 9.6 percent, an increase also not matched since July 1995. Starts beat the expectations of some analysts, according to Reuters, that had forecast a $1.599 million rate.