Housing Starts Jump In June
Housing starts for privately owned properties rose nearly 7 percent in June across the country, signaling a rebound in the housing market, the federal government said today.
Construction of new housing rose to a seasonally adjusted annual rate of 760,000, beating expectations of 715,000. The rate is 6.9 percent above the revised May estimate of 711,000 and 23.6 percent higher than the June 2011 rate of 615,000 from the Census Bureau and the Department of Housing and Urban Development.
Starts were flat in the Northeast while they rose across the Midwest, South and West.
Single-family starts last month hit a rate of 539,000, a 4.7-percent jump from 515,000 in May.
Meanwhile, building permits, a sign of future activity, jumped 3.7 percent in June to a seasonally adjusted annual rate of 755,000, about 10,000 below expectations. But the number is 19.3 percent higher than the June 2011 estimate of 633,000.
Image source: Freedigitalphotos.net
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