WASHINGTON - New US housing starts and permits jumped more than expected in June, propelled by a rise in single-family homes, a government report showed on Friday.
Housing starts climbed 3.6 per cent to a seasonally adjusted annual rate of 582,000 units, from May's upwardly revised 562,000 units, the Commerce Department said. Single-family home starts jumped 14.4 per cent, the biggest rise since December 2004.
Permits in June to break ground, an indicator of builder confidence, leaped 8.7 per cent to 563,000 units, the highest since December.
Starts hit a record low 479,000 in April. Compared to the same period a year ago, June starts were down 46 per cent.
Permits were down 52 per cent from a year earlier, the steepest year-over-year tumble since George H.W. Bush was president. -- REUTERS
Source: Business Times, 17 July 2009
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