US housing starts surge more than expected in June
Construction of single family houses increased 4.4% to 778,000 units and housing starts for multi-family units surged 5.4% to 411,000 in June. However, building permits, an indicator of future construction, registered just 1% growth to an annualized pace of 738,000 units for single family houses last month while permits for multi-family units rose 2.5% to 415,000.
Economists commented that demand was mostly fulfilled and therefore they forecast limited further increases as apartment rents have started to be more modest in some cities and vacancy rates are increasing.
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