(Reuters) - Building permits, which signal future construction plans, rose in May by 3.0 percent to a pace of 1.501 million units. Economists had been expecting the permits to hit a 1.471 million unit rate. Permits for single-family homes fell 1.8 percent to their lowest level since July 1997 but permits for multi-family units jumped 16.5 percent.
Tuesday's data comes a day after a report indicating that home-builder confidence is at its lowest level in over 16 years.
Read more at Reuters.com Business News
Tuesday's data comes a day after a report indicating that home-builder confidence is at its lowest level in over 16 years.
Read more at Reuters.com Business News
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