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U.S. housing starts hit eight-month low; building permits weak

Reuters  |  WASHINGTON 

By Lucia MutikaniWASHINGTON (Reuters) - U.S. homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter.Housing starts weakened despite a dearth of properties on the market, which is hurting sales and boosting prices. Economists blame shortages of labor and land for the downturn. Demand for housing remains strong, underpinned by a tightening labor market."The recent stall in homebuilding is bad news for growth," said Gus Faucher, chief ...

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First Published: Fri, June 16 2017. 21:29 IST