Housing Starts, Building Permits, Surge in July

Washington, DC, Aug. 19, 2014 -- Both home construction starts and building permits rose sharply in July at the fastest pace in eight months, according to the Commerce Department.

Construction increased 15.7% in July to a seasonally adjusted annual rate of 1.09 million homes. That followed declines of 4% in June and 7.4% in May.

Applications for building permits also increased 8.1% to an annual rate of 1.05 million, after declines of 3.1% in June and 5.1% in May.

The July rebound reflected an 8.3% increase in single family construction, along with a 33% increase in multifamily construction.

June's number was also revised significantly higher.


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