Summary

• May housing starts sank 15.4% to 1.177 million, missing the 1.430 million forecast.
• Multi-family starts dropped 41.6% from April and 12.3% year-over-year to an annual rate of 0.284 million.
• Housing starts as a percent of the population fell to a six-year low of 0.34%.

By Jennifer Nash

Housing starts sank 15.4% in May to a seasonally adjusted annual rate of 1.177 million, the lowest level in six years. The latest reading was significantly lower than the projected 1.430 million. Housing starts are down