In another sign that the economy may be beginning to pick up steam, housing starts increased 17.2% to a seasonally adjusted annual rate of 532,000 in May, the Commerce Department reported today.

Last month's figures represent a 45.0% decline since May 2008. In April, housing starts fell 12.8%.

Single-family housing starts were 7.5% above the April level. Single-family housing completions fell 3.3%.

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