Home Starts Surge
Year over year, the pace of housing starts in June represents a 29.1% gain from the year-ago rate of 1,273,000, according to a press release.
Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of 1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.
By region, June new single-family construction activity was strongest in the Northeast, where it surged 34.4% month over month from May, followed by the South, with a 13.7% increase. It was flat in the West and fell 19.9% in the Midwest.
Housing start surge 6% in June 2021
Construction of new U.S. homes surged 22.6% last month as homebuilders bounced back from a lull induced by the coronavirus pandemic.
The Commerce Department
The Commerce Department reported Tuesday that new homes were started at an annual pace of nearly 1.5 million in July, highest since February and well above what economists were expecting. Housing starts have now risen three straight months after plunging in March and April as the virus outbreak paralyzed the American economy. Last month’s pace of construction was 23.4% above July 2019’s.