Construction of new homes nudged down slightly in May, with builders pulling back in the Northeast and Midwest.
Housing starts ticked down 0.3 percent to a seasonally adjusted annual rate of 1.16 million units, the Commerce Department said Friday. The government's residential construction report can be volatile on a monthly basis, which might explain the slight decrease.
Home construction has improved much of this year, with single-family houses accounting for much of the gains unlike recent years when developers focused more on apartments.
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