The numbers are still more than half for the same period last year but it's a positive sign of life from a troubled sector. It's no recovery but it's not a total disaster either. The markets should like this news. Reuters:
New U.S. housing starts and permits rebounded in May from record lows as ground-breaking for multifamily units surged after tumbling the prior month, a government report showed on Tuesday.CNBC has more on why these numbers are not based on reality.
The Commerce Department said housing starts jumped 17.2 percent to a seasonally adjusted annual rate of 532,000 units, from April's revised 454,000 units. Ground-breaking for multifamily units surged 61.7 percent. Multifamily unit starts fell 49.4 percent in April.
Compared to the same period last year, housing starts dived 45.2 percent.
