The 4.8% m/m fall in housing starts in May could be an early sign that the recent slowdown in the wider economy has taken some of the wind out of the sails of the improvement in housing market activity. Nevertheless, the latest drop in starts is perhaps not as alarming as it first appears, given that starts in April were revised up by 3.8% and that building permits have surged to a three-and-a-half year high.
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