U.S. housing starts rise more than expected

WASHINGTON ― U.S. housing starts rose by 5.7% to a seasonally adjusted annual rate of 1.235 million units in April, with gains in both the single- and multi-family residential segments. Drier weather and falling mortgage rates reportedly contributed to the growth, which beat the 1.205 million units estimated by economists in a Reuters poll. The U.S. Commerce Department revised March data at the same time, showing housing starts climbing to 1.168 million units instead of the previously reported decline to 1.139 million. Building permits edged up 0.6% to a rate of 1.296, though permits for single-family dwellings declined for the fifth consecutive month.