Department reported on Wednesday the housing starts surged by 4.3 percent m-o-m
in May to a seasonally adjusted annual pace of 0.974 million, while building
permits climbed by 14.4 percent m-o-m to an annual rate of 1.220 million.
Economists had forecast housing starts increasing to a pace of 1.095 million units last month and building permits rising to a pace of 0.891 million units.
Data for April was revised to show homebuilding growing to a pace of 0.934 million units, instead of increasing at a rate of 1.216 million units as previously reported.
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