WASHINGTON - Housing starts increased 0.2 percent to a seasonally adjusted annual rate of 2.009 million units for the month of May, the U.S. Department of Commerce reported. This was 1.8 percent above the pace of a year ago. Single-family home construction led the way with a 4.7 percent increase to a pace of 1.704 million units for the month, 3.3 percent above May of last year.
According to the National Association of Home Builders (NAHB), robust demand fueled by continuing low mortgage rates and favorable economic conditions is keeping new home construction moving along at a high pace.