U.S. Housing Starts Rebound More Than Expected In June
(RTTNews) - A report released by the Commerce Department on Friday showed a substantial rebound in new residential construction in the U.S. in the month of June.
The Commerce Department said housing starts skyrocketed by 19.0 percent to an annual rate of 1.427 million in June after plummeting by 15.2 percent to a revised rate of 1.199 million in May.
Economists had expected housing starts to spike by 12.2 percent to an annual rate of 1.320 million from the 1.177 million originally reported for the previous month.
Meanwhile, the report said building permits slumped by 3.0 percent to an annual rate of 1.367 million in June after falling by 0.9 percent to a revised rate of 1.410 million in May.
Building permits, an indicator of future housing demand, were expected to edge down by 0.2 percent to an annual rate of 1.410 million from the 1.413 million originally reported for the previous month.
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