U.S. housing starts rose 6.9% last month, to hit the highest pace in nearly four years, according to data from the U.S. Department of Commerce.
Privately-owned housing starts in June hit a seasonal adjusted annual rate of 760,000, 6.9% above the revised May estimate of 711,000 and 23.6% above the June 2011 rate of 615,000, the Commerce Department said in its report.
Photo by Matt Mechtley, via Wikimedia Commons
| The Commerce Department says starts of multifamily structures increased 12.8% in June.|
“In June, new-home starts hit their highest level since October 2008, and housing permits are up 29% in the first six months of this year compared to last,” said Acting U.S. Commerce Secretary Rebecca Blank.
Starts of multifamily structures increased 12.8% and single-family housing starts rose 4.7%, the report said.
Building permits, however, dropped 3.7% to a seasonally adjusted annual rate of 755,000 from the revised May rate, but are up 19.3% from a year earlier.
Blank added that “While the housing market is stabilizing, too many homes are still under water and too many homeowners are still struggling to make ends meet.
“While there are no quick fixes, there are things Congress can do right now to create jobs, including passing President Obama’s proposals to cut red tape so responsible homeowners who are paying their mortgage can refinance at today’s lower rates,” Blank said.
New residential construction data for July 2012 is scheduled for release Aug. 16.