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HOUSING STARTS INCREASE 3.7 PERCENT IN JUNE
| Housing starts were up 3.7 percent to a seasonally adjusted annual rate of 1.8 million units in June compared to the previous month, according to a recent U.S. Dept. of Commerce report. Nationwide, single-family housing starts rose 5.3 percent in June to a seasonally adjusted annual rate of 1.46 million units while multifamily housing starts decreased by 2.6 percent from a month ago. "Housing continues to do the heavy lifting in an otherwise sluggish economy," said Kent Conine, president of the National Association of Home Builders (NAHB). "Demand is strong and inventory of new homes for sale is at an all-time low, only 3.5 months. With building permits up, the outlook for housing for the remainder of the year remains bright." Building permits rose 0.8 percent nationally to a seasonally adjusted annual rate of 1.81 million units in June. Single-family permits registered a 5.3 percent increase for the month to a seasonally adjusted annual rate of 1.42 million units. Regionally, the Northeast posted a 9.9 percent increase in overall housing production and the West and South registered 8 percent and 2.3 percent increases, respectively. The Midwest posted the only decline, of .08 percent |