U.S. Housing Starts Rose in June

By Sarah Chaney and Ben Leubsdorf Features Dow Jones Newswires

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

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Housing starts rose 8.3% in June from the prior month to a seasonally adjusted annual rate of 1.215 million, the Commerce Department said Wednesday.

Residential building permits, which can signal how much construction is in the pipeline, increased 7.4% to an annual pace of 1.254 million last month. That was the largest one-month jump since November 2015.

Economists surveyed by The Wall Street Journal had expected a 6.4% increase for starts and a 2.6% rise for permits in June. Overall starts had declined the prior three months, and permits were down in both April and May.

Starts rose 6.3% in June for single-family construction and increased 13.3% from May for multifamily construction. Permits last month were up 13.9% for buildings with multiple units and up 4.1% for single-family homes.

Housing-starts data are volatile from month to month and can be subject to large revisions. Looking beyond monthly volatility, starts in the first half of the year were up 3.9% from the same period in 2016. Permits during this period increased 6% from a year earlier.

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The Commerce report can be found at http://www.census.gov/construction/nrc/pdf/newresconst.pdf

Write to Sarah Chaney at sarah.chaney@wsj.com and Ben Leubsdorf at ben.leubsdorf@wsj.com

(END) Dow Jones Newswires

July 19, 2017 08:45 ET (12:45 GMT)