Housing starts unexpectedly increase

A little “green shoot” here, if I may:

The 3.6 percent increase brought starts to an annual rate of 582,000, the highest level since November and followed a 562,000 pace in May that was higher than previously estimated, the Commerce Department said today in Washington.

This is the biggest jump since 2004 and points to what may be a recovering housing market (yeah right).

This came on top of economists’ forecast that it would fall to 530,000 from 532,000 in May.

Other numbers: Building permits also were higher by 8.7 percent to a 563,000 annual rate, the highest level of the year.

Also, while the construction of single-family homes jumped 14 percent to a rate of 470,000, that for multifamily homes gave bad news after dropping 26% from the rise of 66% in May.

More from Bloomberg HERE.

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