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U.S. housing starts slipped in May as the construction of multi-family housing units dropped, but further gains in building permits suggested a rebound that would continue to support economic growth in the second quarter.
Groundbreaking fell 0.3 percent to a seasonally adjusted annual pace of 1.16 million units, the Commerce Department said on Friday. Starts in April were little changed at a 1.17 million-unit pace.
Economists polled by Reuters had forecast housing starts falling to a 1.15 million-unit pace last month.
Housing remains a pillar of strength for the ... Read the complete article at the CNBC website