Housing starts increase 6 percent in July
Housing starts in the U.S. increased 6 percent in July, according to a report from our sister site, Equipment World.
The increase follows a 9.9-percent drop in home construction in June.
The figures come from new Commerce Department data, which show that home starts rose in July to a seasonally adjusted rate of 896,000 — 21 percent higher than a year ago.
Multi-family home construction rose 26 percent in July to 290,000, while single-family housing starts fell 2.2 percent to 591,000.
Building permits rose 2.7 percent to a seasonally-adjusted annual rate of 943,000 — a five-year high and a 12.4-percent increase over a year ago.
Builder confidence is up too. The monthly builder sentiment index from the National Association of Home Builders and Wells Fargo rose for the fourth consecutive month in between July and August from a 56 to a 59, which is the highest since November 2005.