New privately owned housing starts in May were at a seasonally adjusted annual rate of 1.164 million, 0.3 percent below the April rate of 1.167 million but 9.5 percent higher than the May 2015 rate of 1.063 million, according to the U.S. Census Bureau.
Single-family housing starts in May were at a rate of 764,000, 0.3 percent higher than the April rate of 762,000.
"Builder confidence rose this month and single-family housing starts are up roughly 10 percent from a year ago—two indicators that we can expect further growth in housing production this year," said National Association of Home Builders Chief Economist Robert Dietz in a statement. "However, builders continue to face supply-side constraints, such as shortages of buildable lots and labor."
