U.S. home construction surged in May

COLUMBIA, S.C. (CNN)—U.S. home building surged in May… far beyond expectations.

According to data released today by the Census Bureau, housing starts were expected to slightly decline.

Instead, construction climbed nearly 22% from the previous month.

That’s the fastest pace in more than a year. Low inventory in the existing home market has continued to boost interest in new home builds.

The number of single family units rose in May to 1.63 million. That’s above expectations for 1.40 million.