Single-family building permits rose 3.1% to a seasonally adjusted annual rate of 855,000 units last month, the highest level since last September. lead economist at Oxford Economics in New York.
"An increase in single-family permits and resilient homebuilder sentiment will support housing construction in the near-term, but we expect starts to lose momentum as the year progresses as tighter lending standards and weaker demand during a recession weigh on activity," said Nancy Vanden Houten, U.S. Still, major obstacles remain for the housing market, with the report also showing the pace of single-family home completions falling to a 15-month low, likely because of shortages of transformers and other building materials recently cited by builders. The third straight monthly increase in single-family building permits, which was reported by the Commerce Department on Wednesday, reinforced the recent improvement in homebuilding sentiment. single-family homebuilding jumped to a seven-month high in April, giving the struggling housing market a boost, but tightening credit conditions could make it difficult for builders to get finance for new projects.
WASHINGTON, May 17 (Reuters) - Permits for future U.S.
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