Housing starts rise in July

Housing starts rose 5.9 percent from June to July, according to the U.S. Census Bureau. Construction increased to a seasonally adjusted annual rate of 896,000 compared with 846,000 in June.

Single-family construction starts fell 2.2 percent. Building permit applications, which are viewed as a barometer of future construction, rose 2.7 percent in July to 943,000.

Housing starts are far above the annual rate of 478,000 in April 2009, which was the recession low. Housing starts also were 20.9 percent higher in July than in July 2012. However, a 1.5 million annual rate still is needed to be considered healthy.

Date : 8/20/2013