US housing starts pick up in June

(Sharecast News) - Homebuilding activity in the US picked up last month.

According to the Department of Commerce, in seasonally adjusted terms the number of housing starts grew at a month-on-month pace of 3.0% in June to reach an annual rate of 1.353m.

Economists had forecast 1.31m.

Starts fell by 2.9% on the month in the Northeast and by 10.2% in the West, but in the Midwest they edged up by 0.9% and in the South by 0.5%.

In parallel, the number of permits issued for new home construction jumped by 3.4% over the month to reach 1.446m (consensus: 1.39m).

Figures for starts and permits in May were both revised higher too, from 1.277m to 1.314m and from 1.386m to 1.399m, respectively.

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