US home construction up a moderate 3.6% in May

WASHINGTON (AP) — U.S. home construction rose 3.6% in May as builders battled a surge in lumber prices that have made homes more expensive The May increase left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department reported Wednesday. Applications for building permits, considered  a sign of future activity, fell 3% in May to a seasonally adjusted annual rate of 1.68 million units. Housing has been one of the standout performers during the pandemic-triggered recession.