US Housing Starts Surge in June, Exceeding Forecasts with Strong Rebound

• US housing starts surged 19.0% in June to 1.427 million.
• This significantly beat estimates of 1.310-1.320 million.
• Rebound was primarily driven by multifamily construction.

US housing starts experienced a substantial rebound in June, surging by 19.0% to an annual rate of 1.427 million. This figure significantly exceeded economists’ expectations, which ranged from approximately 1.310 million to 1.320 million. The strong increase follows a -15.2% decline in May, which was revised to 1.199 million. The Commerce Department report highlighted that the rebound was largely driven by a surge in multifamily apartment construction. Conversely, building permits for June saw a slight decrease of -3.0%, coming in at 1.367 million against an estimated 1.400 million, suggesting a mixed outlook for future construction activity.