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US homebuilding jumps 9.8 percent in June; all of the gains come from apartment construction

from The Associated Press via U.S. News & World Report

U.S. builders broke ground on apartment complexes last month at the fastest pace in nearly 28 years, as developers anticipate that recent jobs gains will launch a wave of renters. The Commerce Department said recently that housing starts in June climbed 9.8 percent to a seasonally adjusted annual rate of 1.17 million homes. All of that growth came from a 28.6 percent surge in multifamily housing that put apartment construction at its highest rate since November 1987. Starts for single-family houses slipped 0.9 percent last month. more


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