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US DATA
US DATA: May housing starts +5.0% to 1.350m SAAR, above the 1.320m 
rate expected. The April pace was rev only slightly downward to 1.286m 
from the originally reported 1.287m pace, while March was rev down to 
1.327m from the previous 1.336m. 
- Starts were up 62.2% to a 13-year high in the Midwest region, 
accounting for the entire headline gain. Providing some offset were 
declines in the Northeast, South, and West. 1-family starts +3.9% and 
multi-family starts +7.5%. 
- Building permits -4.6% to 1.301m SAAR, with 1-family permits -2.2% and 
multi-family -8.8%. Homes permitted but not started -1.2%, suggesting 
starts could slip back next month.
- Through the first two months, 2Q starts are virtually unchanged 
from their 1Q average and permits were down slightly, suggesting 
residential building will be a modest factor for 2Q GDP.
- Homes under construction +0.2%, while completions +1.9%, a positive 
for new home supply.

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