Tuesday June 16, 02:02 PM
US housing permits, starts rise from record lows
WASHINGTON (AFP) - US housing construction starts and building permits rose more than expected in May after falling to record lows in April, government data showed Tuesday.
The Commerce Department reported permits to build privately owned homes, an indicator of future activity, leapt to a seasonally adjusted annual rate of 518,000 in May, an increase of 4.0 percent from the prior month.
Building permits had fallen in April to a revised rate of 498,000, the lowest level since the data began to be tracked in 1960.
The May increase in building permits topped analysts' consensus forecast of 508,000 permits authorized.
On a 12-month basis, building permits in May were 47.0 percent below the May 2008 level.
Construction starts on new homes also rebounded in May, vaulting 17.2 percent from the prior month to a seasonally adjusted annual rate of 532,000.
The department revised the April figure to 454,000 starts, a low point unseen since publication of the data began in 1959.
The increase in May construction starts was sharply higher than the 485,000 expected by analysts. But it was 45.2 percent lower than a year ago.
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