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Economic Report: Home builders cut back for third straight month

Bloomberg
Home builders are optimistic about the economy, but trouble finding good workers might be limiting how much they can do. Housing starts fell again in May.

WASHINGTON (MarketWatch) — Construction on new houses fell in May for the third month in a row even though builders are optimistic about the economy, perhaps a sign a shortage of skilled workers is holding the industry back.

The pace of so-called housing starts declined by 5.5% to an annual rate of 1.09 million, marking the lowest level in eight months. Economists polled by MarketWatch had forecast housing starts to total 1.23 million.

Home builders are now working at a slower pace than they were one year ago.

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