Housing Starts in U.S. Dip in May

According to new data from the U.S. Housing and Urban Development and Commerce Department, total U.S. housing starts declined 0.9 percent in May 2019 to a seasonally adjusted annual rate of 1.27 million units from an upwardly revised reading in April 2019.

The May 2019 reading of 1.27 million is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts fell 6.4 percent to 820,000 units. The multifamily sector, which includes apartment buildings and condos, increased 10.9 percent to a 449,000 pace.