U.S. housing starts came in below expectations at 975k in May, a month-over-month decline of 3.3%, according to data released from the U.S. Department of Commerce on Tuesday morning. The consensus was looking for a decline to 980k level.
The previous month’s 1032k was revised to a level of 1008k.
Despite the decline, single family homes - the most important component in the report, accounting for four-fifths of housing starts - fell 1.0% to 694k, compared to the previous month’s 681k level.
Multiple family homes contributed 301k, below the previous month’s 327k level.
Meanwhile, building permits totaled 969k in May, a decrease of 1.3% month-over-month from 982k last month and above the consensus call for 960k.
Privately-owned housing completions in May were at a seasonally-adjusted annual rate of 1132k.
Housing starts refer to the number of homes being built, and provide a sense of how the housing sector has performed in the previous month. Housing permits represent plans to construct new homes, an indicator of housing performance in upcoming months.
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