Homebuilders ramped up construction in June to the fastest pace in four months, led by surges in the Northeast and Midwest.
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The Commerce Department says housing starts climbed 8.3 percent in June to a seasonally adjusted annual rate of 1.22 million. The gain ends three straight monthly declines and marks the strongest pace of building since February. Home construction has risen 3.9 percent year-to-date, but that increase has been unable to make up for the decrease in existing homes being listed for sale.
So far this year, builders have turned their attention toward single-family houses and away from rental apartments. Starts of single-family houses have risen 7.9 percent, while construction of multi-family buildings has slipped 4.2 percent.
Building permits, an indicator of future construction, improved 7.4 percent to 1.25 million.
By JOSH BOAK, AP Economics Writer