Economy

US Housing Starts Jump 8.3% In June

US Housing Starts Jump 8.3% In June

WASHINGTON-U.S. housing starts rebounded last month, signaling positive momentum for home builders trying to meet solid buyer demand.

Housing starts were up 8.3% to a seasonally-adjusted annual rate of 1.22m from May's upwardly-revised 1.12m and 2.1% higher than June 2016. May starts were revised up to 1.122 million from just 1.09 million originally reported.

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The Commerce Department said building permits also jumped by 7.4% to a rate of 1.254 million in June from 1.168 million in May. June's pace was also up 2.1% on a year-over-year basis.

Nationwide's cheif economist David Berson is optimistic new home construction will remain on an upswing.

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Single-family housing starts rose in June to an annualized rate of 849,000, up 6.3% from the revised May rate of 799,000. It was the best reading since March, and the good news was the permits have now exceeded 1.2 million units in 10 of the past 11 months.

The June report is solidly higher than the May report, even after upward adjustments to the May figures.

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Multi-family permits shot up by 13.9% to a rate of 443,000 in June from 389,000 in May, while single-family permits rose by 4.1% to 811,000 from 779,000. Tuesday's report on homebuilders' confidence level was lower than expected, but that was likely due to higher costs pressuring both margins and affordability. Overall, new residential construction permits rose 5.1 percent since June 2016, up from 1,193,000 units previous year. In the starts data, single-family rose 50K, with multi-family up 43K; for permits, single-family rose 34K, with multi-family up 54K, a 13.9% leap, but these data are very volatile.


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