SILVER SPRING, Md. (AP) – Home construction in the U.S. rose a strong 6.3% in June, another big swing in what has been an up-and-down year so far.
The rise in June put home construction at a seasonally adjusted annual rate of 1.64 million units, the Commerce Department reported Tuesday.
Applications for building permits, which are used to forecast future activity, declined 5.1% in June to a seasonally adjusted rate of 1.59 million units.
Month-to-month, homebuilding activity has been on a wild ride so far this year, with several double-digit swings in either direction.
But housing remains one of the stronger segments of the economy, with buyers far outnumbering sellers.