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U.S. housing starts accelerate in June

Credit: REUTERS/LUCAS JACKSON

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.

WASHINGTON, 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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