U.S. housing starts rebounded last month to their highest level since 2007, but permits fell sharply.
Housing starts rose 5.0% in May from the prior month to a seasonally adjusted annual rate of 1.350 million, the Commerce Department said Tuesday. This is the highest level for such construction since July 2007. However, residential building permits, which can signal how much construction is in the pipeline, declined 4.6% to an annual pace of 1.301 million last month.
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