U..S. housing starts plunge in May
The numbers: Construction started on new U.S. homes fell 14.4% in May, the Commerce Department said Thursday. The annual rate of total housing starts fell to 1.55 million last month from a revised 1.81 million in April.
The drop is the biggest decline since April 2021. Housing starts are at the lowest level since April 2020, when the economy briefly fell into a steep recession at the start of the coronavirus pandemic. Permits for single-family homes fell 5.5% in May, while permits in buildings with at least five units fell 10%.
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