|
Housing starts jumped 8.3 percent to a seasonally adjusted
annual rate of 1.22 million units, the highest level since
February as both single-family and multi-family construction
increased, the Commerce Department said on Wednesday.
May's sales pace was revised up to 1.12 million units from the
previously reported 1.09 million units.
Economists polled by Reuters had forecast groundbreaking
activity rising to a rate of 1.16 million units last month.
Homebuilding rose 2.1 percent on a year-on-year basis.
Despite the bounceback, homebuilding has lost momentum after
strong gains in both the fourth and first quarters. Economists
blame the slowdown on supply bottlenecks.
A survey on Tuesday showed confidence among homebuilders hit an
eight-month low in July amid complaints about high lumber prices
and shortages of building lots and labor. Lumber prices have
surged after the government in April imposed anti-subsidy duties
on imports of Canadian softwood lumber.
Single-family homebuilding, which accounts for the largest share
of the residential housing market, surged 6.3 percent to an
849,000 unit-pace last month, also the highest level since
February. Single-family construction has lost ground since
vaulting to a near 9-1/2-year high in February, despite strong
demand for housing.
Starts for the volatile multi-family housing segment increased
13.3 percent to a 366,000 unit-pace, after five straight months
of declines. Construction had slowed amid a jump in multi-family
homes coming on the market.
Building permits last month shot up 7.4 percent to a 1.25
million-unit rate, the highest level since March. Single-family
home permits rose 4.1 percent after three straight months of
declines. Permits for the construction of multi-family homes
surged 13.9 percent in June.
(Reporting By Lucia Mutikani; Editing by Andrea Ricci)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
