Housing Starts Jump 10% In June To 1.17 Million Rate

Housing starts in the U.S. jumped 10% in June to an annual pace of 1.17 million, led by a surge in construction on complexes with five units or more. Construction on multi-dwelling projects soared to the highest level since 1987, the Commerce Department reported Friday. Economists polled by MarketWatch had expected housing starts to rise to a seasonally adjusted 1.11 million. Builders were especially busy in the Northeast and South, with an increased focus on condo developments, townhouses and apartment buildings. What's more, permits for new construction, a sign of future demand, rose to an annual rate of 1.34 million - the highest level in eight years. Housing starts in May, meanwhile, were revised up to a 1.07 million annual rate from 1.04 million.