June Housing Starts Up 2.3% After May Decline

Washington, DC, July 18, 2007--Housing starts rose 2.3% to a seasonally adjusted 1.467 million annual rate in June, according to the Commerce Department. In May starts were off 3.4% to 1.434 million.

Starts in May were originally reported as having declined 2.1% at 1.474 million.

Economists were expecting starts to decrease a 1.6% drop to a level of 1.450 million at an annual rate.

Building permits in fell 7.5% to a 1.406 million annual rate during the month. In May starts were up 4.3% gain in May.

Economists had forecasts to fall 2.6% to a rate of 1.48 million.

June single-family housing starts decreased 0.2% to 1.151 million. Construction of housing with two or more units rose 12.5% to 316,000; within that category, groundbreakings of homes with five or more units -- or multi-family -- were 12.9% higher.

Regionally, housing starts decreased by 2.4% in the Northeast and 3.7% in the Midwest. Construction increased by 9.0% in the West and 2.4% in the South.