U.S. Home Starts Down in May

Washington, D.C.–U.S. home construction was less than expected in May, the Commerce Department said Tuesday.The number of single-family home starts dropped 1.3 percent last month, reaching a 17-year low. Privately-owned housing starts dropped 3.3 percent to a seasonally adjusted annual rate of 975,000; April’s starts were revised to 1,008,000, CNNMoney.com reports.Building permit applications declined 1.3 percent to a seasonally adjusted annual rate of 969,000 last month from a revised 982,000 April rate.