RTTNews - With new construction of multi-family homes showing a substantial increase in the month of May, the Commerce Department released a report on Tuesday showing a much bigger than expected increase in housing starts.
The report showed that housing starts rose 17.2 percent to an annual rate of 532,000 units in May from the revised April estimate of 454,000. Economists had expected starts to rise to 485,000 from the 458,000 originally reported for the previous month.
While single-family starts showed a notable 7.5 percent increase in May, the jump in housing starts was due in large part to a 77.1 percent increase in buildings with five units or more
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