Credit: REUTERS/LUCAS JACKSONWASHINGTON, July 17 (Reuters) - U.S. homebuilding surged in June amid reports of rising demand for housing in lower density areas as companies allow employees flexibility to work from home because of the COVID-19 pandemic.
Housing starts increased 17.3% to a seasonally adjusted annual rate of 1.186 million units last month, the Commerce Department said on Friday. Data for May was revised up to a 1.011 million-unit pace from the previously reported 974,000.
Economists polled by Reuters had forecast starts increasing to a rate of 1.169 million units.
(Reporting by Lucia Mutikani; Editing by Alison Williams)
((Lucia.Mutikani@thomsonreuters.com; 1 202 898 8315; Reuters Messaging: lucia.mutikani.thomsonreuters.com@reuters.net))
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