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.