U.S. Housing Starts Surge 4.6% In June, More Than Expected

(RTTNews) - New residential construction in the U.S. rebounded by more than expected in the month of June, according to a report released by the Commerce Department on Friday.

The Commerce Department said housing starts surged by 4.6 percent to an annual rate of 1.321 million in June after plunging by 9.7 percent to a revised rate of 1.263 million in May.

Economists had expected housing starts to jump by 3.5 percent to an annual rate of 1.300 million from the 1.256 million originally reported for the previous month.

Meanwhile, the report said building permits inched up by 0.2 percent to an annual rate of 1.397 million in June after slumping by 2.0 percent to a revised rate of 1.394 million in May.

Building permits, an indicator of future housing demand, were expected to edge down by 0.2 percent to an annual rate of 1.390 million from the 1.393 million originally reported for the previous month.