U.S. housing starts slip, permits maintain gains

housing startsBy Lucia Mutikani | Reuters

U.S. housing starts slipped in May as the construction of multi-family housing units dropped, but further gains in building permits suggested a rebound that would continue to support economic growth in the second quarter.

Groundbreaking fell 0.3 percent to a seasonally adjusted annual pace of 1.16 million units, the Commerce Department said on Friday. May’s decline followed a 4.9 percent surge in April.

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