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Housing Starts Rise Despite Weak Builder Outlook 

Jun 16, 2009By

Construction starts on US housing units jumped 17.2% in May, rising to a seasonally adjusted annual rate of 532,000 units, according to estimates released today by the US Commerce Department. The good month for housing starts comes after the volume dived 12.9% the month before. A 62% increase in new multifamily construction drove the month-over-month gain, while single-family home starts rose 7.5% to an annual rate of 401,000 units. Single-family building permits — an indicator of future starts — rose 7.9% in the month to an annual rate of 408,000 permits.

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