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U.S. housing starts surge 15.7% in July

Published: Aug 19, 2014 8:30 a.m. ET

By
JEFFRY
BARTASH
REPORTER

WASHINGTON (MarketWatch) - Construction on new U.S. homes jumped 15.7% in July to the highest level in eight months and starts were revised up sharply for June, indicating a pickup in home building after an early-year lull. Housing starts climbed to an annual rate of 1.09 million last month from 973,000 in June, the Commerce Department said Tuesday. Initially, the government had reported a big plunge in starts in June, but the revised data shows a much smaller drop. Economists surveyed by MarketWatch had expected starts to climb to a seasonally adjusted 975,000 in July. Permits for new construction, a sign of future demand, rose 8.1% to an annual rate of 1.05 million from 973,000 in June. Permits for single-family homes, which account for three-quarters of the housing market, edged up 0.9% to an annual rate of 640,000 in July. That's the highest level since December. Permits for multi-family units of five or more surged 23.6% to 382,000, the fatest pace since January 2006.
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http://www.marketwatch.com/story/us-housing-starts-surge-157-in-july-2014-08-19

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