Permits to build new single-family homes rose nearly 4 percent in May, according to new data released by the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement came despite a dip in new residential construction and a decline in overall permits when including multi-family housing. But, though fewer new homes broke ground during the month, the estimates indicate that construction of single-family homes should see improvement in coming months as permits to build, an indicator of future activity, increased. In May, however, single-family housing starts – a measure of how many new homes started construction each month – fell 5.9 percent following four-consecutive months of gains. Completions, on the other hand, were up 2.1 percent. The decline in groundbreakings was the first in many months and is evidence that, despite an upward trend, the recovery will continue to experience bumps along the way. More here.