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US homebuilders are constructing more — but not much more

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AFP

Washington (AFP) – US construction firms started more new home projects in May, the government said Wednesday, but the progress was weaker than expected amid a scarcity of real estate and materials that has driven prices higher. Housing starts rose 3.6 percent last month from April to a seasonally-adjusted annual rate of nearly 1.6 million, the Commerce Department report showed. New construction started on single family homes rose 4.2 percent from April to a seasonally adjusted rate of almost 1.1 million annualized. “Strong demand, a need for inventory and homebuilder optimism will keep a floo…

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