Housing starts up in May but below March levels

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Housing starts up in May but below March levels (by Greg Robb)

WASHINGTON (MarketWatch) - New construction of U.S. houses recovered partially in May from a steep drop in April, the Commerce Department estimated Thursday. Starts rose 3.5% in May to a seasonally adjusted 560,000 annualized units, stronger than the 550,000 pace expected by economists surveyed by MarketWatch. Starts remain 5.6% below March. Starts fell a revised 8.8% in April to 541,000 units compared with the initial estimate of a 10.6% fall to 523,000 units. The sharp drop was blamed on severe weather. Building permits, a leading indicator of housing construction, rose 8.7% in May to a seasonally adjusted annual rate of 612,000. This is the highest level of permits this year.

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