Construction Starts, Permits Decline in May

Washington, DC, June 17, 2014 -- Home construction starts fell by 6.5% in May to an annual rate of 1 million units, according to the Commerce Department.

In addition, permits for new construction, a sign of future demand, fell by 6.4% to a 991,000 annual pace, the slowest in fourth months.

Economists had expected starts to drop to an annual rate of 1.02 million on a seasonally adjusted basis.

Housing starts in April were unchanged from an original estimate of 1.07 million.

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