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WASHINGTON (Reuters) – U.S. homebuilding increased less than expected in May, leaving the bulk of the prior months\’ declines intact and pointing to a slow housing market recovery from the COVID-19 crisis.
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Housing starts rose 4.3% to a seasonally adjusted annual rate of 974,000 units, the Commerce Department said on Wednesday.
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Economists polled by Reuters had forecast 1.095 million units for May.
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Homebuilding had declined to 934,000 units in April.
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(Reporting by Lucia Mutikani; editing by Jason Neely)
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