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Homebuilding leaps, led by condo construction
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Jul 19, 2011 10:08am |
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| Category | News |
| News Date | Tuesday, July 19, 2011 04:00:00 PM UTC0:0 |
| Description | Housing starts rose more than expected in June to touch a six-month high and permits for future construction unexpectedly increased, a government report showed on Tuesday, likely reflecting growing demand for rental apartments.
The Commerce Department said housing starts increased 14.6 percent to a seasonally adjusted annual rate of 629,000 units, the highest level since January.
But May's starts were revised down to a 549,000 unit pace, which was previously reported as a 560,000 unit rate.
Economists polled by Reuters had forecast housing starts rising to a 575,000-unit rate. Compared to June last year, residential construction was up 16.7 percent. |
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