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May reports a 3.6% rise in US home construction, as builders battled a surge in lumber prices that have made home, 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.

Krishnaprio Dey