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U.S. Housing Starts Show Substantial Rebound In July
(RTTNews) - New residential construction in the U.S. saw a substantial rebound in the month of July, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said housing starts surged 3.9 percent to an annual rate of 1.452 million in July after plunging by 11.7 percent to a revised rate of 1.398 million in June.
Economists had expected housing starts to increase to a rate of 1.448 million from the 1.434 million originally reported for the previous month.
Meanwhile, the report said building permits inched up by 0.1 percent to an annual rate of 1.442 million after tumbling by 3.7 percent to a revised rate of 1.441 million in June.
Building permits, an indicator of future housing demand, were expected to climb to a rate of 1.463 million from the 1.440 million originally reported for the previous month.
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