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 Updated: 6/16/2010 10:10:00 AM

Housing Starts Decline 10% in May

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Housing starts fell in May following the expiration in April of a home sales tax credit, the Commerce Department said Wednesday.

Starts dropped 10% to an annual rate of 593,000 units, with single-family units taking their biggest drop since 1991.
 
The level was below economists’ forecasts of a 648,000 rate, Bloomberg reported.
 
Building permits, an indicator of future construction, also declined, falling 5.9% to a one-year low. Economists had forecast them to rise to 625,000, Bloomberg said.

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