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- U.S. housing starts increase more than forecast in June
U.S. housing starts increase more than forecast in June
The
Commerce Department reported on Tuesday the housing starts surged by 6.3
percent m-o-m in June to a seasonally adjusted annual pace of 1.643 million
(the highest level since March), while building permits tumbled by 5.1 percent
m-o-m to a seasonally adjusted annual rate of 1.598 (the lowest level since
October 2020).
Economists
had forecast housing starts increasing to a pace of 1.590 million units last
month and building permits growing to a pace of 1.700 million units.
Data
for May was revised to show homebuilding growing to a pace of 1.546 million
units, instead of increasing at a rate of 1.572 million units as previously
reported.
According
to the report, permits for single-family homes, the largest segment of the
market, plunged 6.3 percent m-o-m in June, while approvals for the multi-family
homes segment fell 2.6 percent m-o-m.
In
the meantime, groundbreaking on single-family homes climbed 6.3 percent m-o-m
in June, while housing starts for the multi-family jumped 6.8 percent m-o-m.
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