Economists had forecast a 2.5 percent drop in May from the previous month.
According to the report, the value of residential permits tumbled 17.2 percent m-o-m in May, as permits for multi-family dwellings plunged by 28.5 percent m-o-m, while single-family permits rose by 1.8 percent m-o-m.
At the same time, the value of non-residential building permits decreased by 5.7 percent m-o-m in May, due to lower construction intentions for industrial buildings (-37.5 percent m-o-m), which however were offset by a surge in permits for institutional component (+25.7 percent m-o-m). The value of commercial permits edged down 0.9 percent m-o-m in May.
In y-o-y terms, building permits decreased 1.9 percent in May.
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