The number of houses that began construction rose in June from the previous month, driven by strong growth in the multifamily segment, the Census Bureau said in a July 18 statement.
Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,321,000 units, a 4.6 percent jump from May. On an annual basis, housing starts were down 0.5 percent.
Region-wise, the Northeast saw housing starts jump by 73.3 percent month-over-month to 182,000 units from May’s 105,000 units, while other regions registered declines of 0.7 percent to 5.3 percent.
The overall starts were boosted by strong multifamily construction, with the sector seeing a growth of 30.6 percent on a monthly basis….