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

[McFurd]

Reuters - 6/16/2017 - Lucia Mutikani - 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 economist at PNC Financial in Pittsburgh. "A shortage of construction workers may be weighing on the construction industry, and in some parts of the country short supply of land to build on is also a factor." Read more @ http://in.mobile.reuters.com/article/ou ... NKBN197277