Housing Starts Jump to Seven-Month High

Housing starts rose 3.6% to a seven-month high in June, the Commerce Department said Friday.

Starts rose to an annual rate of 582,000 units, the highest level since November, well over economists’ forecasts of 530,000, Bloomberg reported.

Single-family home construction jumped 14% to a 401,000 annual rate, the fourth consecutive increase, adding to signs the housing slump may be near a bottom, Bloomberg said.

Work on multifamily homes fell 26% following a 66% increase in May. Building permits, an indicator of new construction, gained 8.7% to a 563,000 pace.