US housing starts in May approach 11-year high

US HOMEBUILDING surged to a near 11-year high in May amid an acceleration in both single-family and multi-family home construction, but a second straight monthly drop in permits suggested housing market activity would remain moderate. Higher lumber prices as well as labour and land shortages have left builders unable to meet strong housing demand, which has depleted the number of properties available for sale.

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Source: The Business Times