U.S. home construction unexpectedly accelerated in July to the fastest pace in five months, indicating the housing industry remains an area of support for the economy.
Residential starts increased 2.1 percent to a 1.211 million annualized rate, exceeding all forecasts in a Bloomberg survey, from 1.186 million in June, Commerce Department data showed Tuesday in Washington. Permits, a proxy for future construction, were little changed.
