US home construction posted moderate 3.6% gain in May

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U.S. home construction increased in May, according to the Commerce Department. PHOTO CREDIT: Rogelio V. Solis

U.S. home construction increased in May, according to the Commerce Department. PHOTO CREDIT: Rogelio V. Solis

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Posted By: biztimes June 16, 2021

WASHINGTON — U.S. home construction rose 3.6% in May as builders battled a surge in lumber prices that have made homes more expensive

The May increase left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department reported today.

Applications for building permits, looked to for indications of activity ahead, fell 3% in May to a seasonally adjusted annual rate of 1.68 million units.

Housing has been one of the standout performers during the pandemic-triggered recession.