US housing starts hit 10-year high in May

US housing starts rose more than expected in May, to a 10-year high, according to data released by the Commerce Department on Tuesday. Housing starts were up 5% from the revised April rate to a seasonally-adjusted annual rate of 1.35m, versus expectations for a smaller gain to 1.30m. The April rate was revised to 1.286m from 1.287m. Single-family housing starts were up 3.9% from April to a seasonally-adjusted rate of 936,000, while permits for new construction were 4.6% below the revised April ...

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