Economic news
17.07.2024

U.S. housing starts jump in June

The monthly report on new residential construction from the Commerce Department showed on Wednesday that housing starts jumped by 3.0 per cent m-o-m in June to a seasonally adjusted annual pace of 1.353 million while building permits climbed by 3.4 per cent m-o-m to a seasonally adjusted annual rate of 1.446 million (the highest level in three months).

Economists had forecast housing starts of 1.300 million units for June and building permits of 1.400 million units.

Data for May was revised to show homebuilding increasing at a pace of 1.314 million units, instead of rising at a rate of 1.314 million units as originally announced.

According to the report, permits for single-family homes, the largest segment of the market, dropped by 2.3 per cent m-o-m in June, while approvals for the multi-family homes segment (includes 2 to 4 and 5 or more housing units) surged by 15.6 per cent m-o-m.

In the meantime, groundbreaking on single-family homes declined by 2.2 per cent m-o-m in June, while multi-unit starts soared by 22.0 per cent m-o-m.

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