The U.S. Census said privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,174,000, 9.8% above the revised May estimate of 1,069,000 and 26.6% above the June 2014 rate of 927,000. Single-family housing starts in June were at a rate of 685,000 and multi-family starts were 476,000.
The National Association Home Builders (NAHB), Washington, D.C., said the 28.6% month-over-month (MOM) increase was largely responsible for the big jump in the overall construction figures. “The multi-family gains this month are encouraging and show that the Millennial generation continues to be drawn to the rental market,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo.
