Economics
U.S. Housing Starts Top Forecasts, Increase to Three-Month High
- New construction of single-family dwellings picks up in June
- Building permits retreat, while builder backlogs grow
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U.S. housing starts increased in June by more than forecast, suggesting residential construction is stabilizing despite lingering supply-chain constraints and labor shortages.
Initial home construction rose 6.3% last month to a 1.64 million annualized rate, a three-month high, according to government data released Tuesday. The median estimate in a Bloomberg survey called for a 1.59 million pace.