U.S. housing starts increased slightly in June, and applications to build private homes dropped by 5.1% below the revised May rate of 1,683,000.
Source: U.S. Census Bureau
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Residential starts increased by 6.3% last month to a 1,643,000 annualized rate, according to government data released on Tuesday. May starts were revised down to 1,546,000.
Building permits slipped 5.1% to an annualized rate of 1,598,000. Single-family authorizations also declined by 6.3% to an annual rate of 1,063,000.
The starts of single-family housing in June were 6.3% above the revised May estimates at 1,160,000. The June rate for units in buildings with five units or more was 474,000.
The single-family housing completions in June recorded a 6.1% slip to 902,000 from May’s revised rate of 961,000.