U.S. housing starts dipped in May, somewhat reversing a higher than initially reported April rebound, according to figures released Tuesday by the Commerce Department.
The department put the number of privately owned housing starts at a seasonally adjusted annual rate of 708,000 for May.
While the May figure is 4.8 percent below the revised April estimate of 744,000, much of that drop comes as a result of revised figures that put the April rebound in housing starts notably higher than the 717,000 rate initially reported.
The revised figures put the April housing starts at the highest rate since October 2008.
Nevertheless, most economists had hoped to see at least a small continuation of the growth in May, forecasting an annual rate of housing starts at 720,000.
by RTT Staff Writer
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