SF Housing Starts Rise

Single-family housing starts rose 1.4 % in May, and construction activity remained strong despite rising mortgage rates.The U.S. Census Bureau reported that single-family starts increased from a seasonally adjusted annual rate of 1.62 million in April to 1.64 million in May. Meanwhile, multifamily housing (five or more units) starts fell 15.8% from a seasonally adjusted annual rate of 323,000 in April to 272,000 in May. The Census Bureau's construction statistics can be found online at http://www.census.gov/const/www/index.html.