By Jeffry Bartash, June 19 2012
WASHINGTON (MarketWatch) — U.S. builders started work on new homes in May at a slightly slower pace, but permits for future construction jumped to the highest level in nearly four years, the Commerce Department said Tuesday.
Yet construction in April was revised sharply higher to the fastest rate since October 2008. Starts in April totaled 744,000, up from an initial reading of 717,000. Housing figures are frequently revised as the government gathers more complete data from builders.