Home building spikes in June after dismal spring

Builders broke ground on more single-family homes and apartments in June, as the home-building industry tried to shake off a historically bad spring.

The Commerce Department said Tuesday that builders began work on a seasonally adjusted 629,000 homes last month, a 14.6% increase from May. Still, that's roughly half the 1.2 million homes per year that economists say must be built to sustain a healthy housing market.

Apartment construction, a volatile part of the industry, surged 31.8% last month. Single-family home construction rose a more modest 9.4%. Building permits, a gauge of future construction, increased 2.5%.

June's building pace was the best showing since January and single-family home construction saw the biggest monthly increase since June 2009, when the recession ended.

Read Full Article from USA Today

- Posted: 2011-07-19 10:01:12

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