May housing starts dip 0.3 percent in May but up 9.5 percent year-on-year

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,164,000. This is 0.3 percent below the revised April estimate of 1,167,000, but is 9.5 percent above the May 2015 rate of 1,063,000.  The dip indicates builders may be struggling to keep up with demand.

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