U.S. housing starts rebounded last month to the highest level since 2007, driven by a construction rebound in parts of the country that have lagged for much of the economic recovery as well as a lingering apartment boom. Housing starts rose 5% in May from the prior month to a seasonally adjusted annual rate of 1.35 million, the Commerce Department said Tuesday. Compared with a year earlier, starts were up 20.3%. The strong improvement was spread fairly evenly between single-family and multifamily.
Source: Wall Street Journal