Builders take out more permits to build than expected; still trail prior years badly.
NEW YORK (CNNMoney.com) — The nation’s builders boosted their production in May, starting new housing units at an annualized rate of 532,000, up 17.2% from the revised estimate of 454,000 in April.
The data release, a monthly report from the Census Bureau, also revealed that building permits jumped by 4% to a rate of 518,000 from 498,000 in April.
Both figures were higher than expected. A consensus estimate from Briefing.com had forecast that starts would rise 485,000 and permits to 508,000. [via CNN Money]
Good news, but as they say, I am certainly “cautiously optimistic.”
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