"We saw a very strong number in new permits, indicating builders are seeing improving demand"
- Russell Price, senior economist at Ameriprise Financial Inc.
U.S. housing starts fell by 4.8 per cent in May led by slump in construction of apartments, while building permits rose to the highest level in four years, a sign the U.S. housing market remains firmly on track.
"We saw a very strong number in new permits, indicating builders are seeing improving demand," said Russell Price, senior economist at Ameriprise Financial Inc. in Detroit.
"Several aspects of the report paints a somewhat brighter picture than the headline suggests," said Peter Newland, an economist at Barclays in New York.
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