Building permits for residential construction jumped nearly 12 percent in May to an annual rate of 1.28 million, the highest level since 2007.
That’s a sign that home builders are acting on their improved confidence in the housing market.
Building permits for single-family houses were issued at a seasonally adjusted annual rate of 683,000; multifamily permits — buildings with five or more units — totaled 557,000, according to the Commerce Department.
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