Residential construction declined sharply in May, adding to signs that U.S. economic growth is slowing.
Housing starts, a measure of U.S. home-building activity, decreased 14.4% in May compared with the previous month, to a seasonally adjusted annual rate of 1.55 million—the lowest level since April 2021—the Commerce Department said Thursday. Residential building permits, an indicator of future construction, fell by 7% in May, a much steeper decline than economists expected.
