Housing Starts Surge Nearly 22% In May
Permits, completions also rise as market enters 'prime season'
Permits, completions also rise as market enters 'prime season'
Increase 2.2% from March, but number of units under construction not enough to fill inventory void.
Starts down 0.8% from February and down 17% from a year earlier.
Backlog of homes being completed even as builder confidence continues to fall.
Construction of new multifamily units rose nearly 29% in August from July; single-family starts rose 3.4%.