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May housing starts climb for third month in a row

-- Home Textiles Today, 6/16/2009 8:43:00 AM

Washington – New housing starts in May rose 17.2% to an adjusted annual rate of 532,000, the U.S. Commerce Department reported today.

May was the third consecutive month that housing starts exceeded month-over-month comparisons. However, May housing starts were 45.2% below the May 2008 rate of 971,000 units.

The number of building permits issued in May – a sign of future housing construction – rose 4.0% above April to 518,000 units. That was 47.0% below permits issued for single-family construction in May 2008.

Completions of single-family homes dropped 3.3% in May to 811,000 units.

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