Posted by Naseer Mahmood
Housing starts in the U.S. rose more than forecast in June to the fastest pace in five months, led by a surge in work on multifamily dwellings like apartments.
Work began on 629,000 houses at an annual pace, up 14.6 percent from the prior month, figures from the Commerce Department showed today in Washington. The level of starts exceeded the most optimistic forecast in a Bloomberg News survey of economists. Building permits, a sign of future construction, unexpectedly climbed 2.5 percent. Read more