US housing starts up almost 5 per cent

New home construction south of the border increased in June with new starts up 4.8 per cent according to data from the HUD and Commerce Dept. Overall there were 1.5 per cent more permits issued to reach a seasonally adjusted annual rate of 1.15 million.

Multifamily units saw the largest growth in starts at 5.4 per cent with single-family home starts gaining 4.5 per cent. Permits were up 1 per cent for single-family homes and 2.5 per cent for multifamily units.

“The June report is consistent with our forecast for a gradual but consistent recovery of the housing market,” said National Association of Home Builders’ Chief Economist Robert Dietz. “Single-family production should continue to strengthen throughout the year, buoyed by job growth, new household formations and low mortgage interest rates.”

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