House construction dropped last month, but permits hit a five-year high
Thursday, May 16, 2013 11:06 AM
New house construction fell to a five-month low in April, according to a report today from the U.S. Commerce Department. But don't be too alarmed.
Building permits hit a five-year high, according to the report, indicating that last month's numbers are a hiccup in the housing recovery.
A limited supply of land is a hurdle for housing even as recent strength in real estate extends beyond builders to boost lenders and suppliers of construction materials, Bloomberg reported.