Housing Starts in U.S. Increase, Extending See-Saw Pattern

By: Mitchelle Jamrisko & Victoria Stilwell

New-home construction rose in April, extending a pattern of gains and losses that signals the U.S. homebuilding industry is contributing little to economic growth.

Residential starts increased 6.6 percent to a 1.17 million annualized rate from 1.1 million in March, Commerce Department data showed Tuesday in Washington. The median forecast of 79 economists surveyed by Bloomberg projected an increase to a 1.13 million rate. Permits, a proxy for future construction, also climbed. [Read More]