May housing starts jump unexpectedly

Looks like this "green shoot" may have experienced a growth spurt. U.S. housing starts surged 17.2 percent in May to a seasonally adjusted annual rate of 532,000, the U.S. Commerce Department announced Tuesday, led by a large increase in new construction of multi-family housing.

Economists surveyed by Bloomberg News had expected housing starts to total a 500,000 annualized rate in May. April housing starts were revised to a 12.9 percent decline, or a 454,000 annual rate, from the previously announced 458,000.

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