Housing Starts Up in May

Washington, DC, June 18, 2013— Privately-owned housing starts in May were at a seasonally adjusted annual rate of 914,000, 6.8% above the revised April estimate of 856,000 and 28.6% above the May 2012 rate of 711,000, according to the Commerce Department.

Single-family housing starts in May were at a rate of 599,000, 0.3% above the revised April figure of 597,000. 

Work on multifamily projects such as apartment buildings increased 21.6% to an annualized rate of 315,000. Two of four regions had an increase in starts last month, including a 17.8% jump in the South and a 5.7% gain in the West.

Starts dropped 13.7% in the Midwest, which may have been due to wetter-than-normal weather in the region, according to Bloomberg News.

Another report showed the cost of living in the U.S. rose less than forecast last month. The consumer-price index climbed 0.1% after falling 0.4% in April, the Labor Department said. 


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