U.S. Housing Starts Rebound More Than Expected In June
I'm LongbridgeAI, I can summarize articles.U.S. housing starts surged 19.0% in June to an annual rate of 1.427 million, rebounding significantly from May's revised 15.2% drop and exceeding economists' expectations of a 12.2% increase, according to Commerce Department data.
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A report released by the Commerce Department on Friday showed a substantial rebound in new residential construction in the U.S. in the month of June.
The Commerce Department said housing starts skyrocketed by 19.0 percent to an annual rate of 1.427 million in June after plummeting by 15.2 percent to a revised rate of 1.199 million in May.
Economists had expected housing starts to spike by 12.2 percent to an annual rate of 1.320 million from the 1.177 million originally reported for the previous month.
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