U.S. Housing Starts Unexpectedly Skyrocket To 13-Month High In May

A report released by the Commerce Department on Tuesday showed new residential construction in the U.S. unexpectedly skyrocketed in the month of May. The Commerce Department said housing starts soared by 21.7 percent to an annual rate of 1.631 million in May after tumbling by 2.9 percent to a revised rate of 1.340 million in April.

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