US housing construction rebounds sharply

WASHINGTON: US housing construction rebounded sharply in May from all-time lows, official data showed yesterday, stoking hopes the real-estate crisis at the heart of the recession may be easing.

The Commerce Department reported construction starts on privately owned homes vaulted 17.2 per cent in May from the prior month to a seasonally adjusted annual rate of 532,000, marking a third consecutive month of gains.

Building permits, an indicator of future activity, leapt to a seasonally adjusted annual rate of 518,000, an increase of 4.0 per cent from April.

By AFP