US housing starts rose 3% in June to rebound from 4-year low

By Ovunc Kutlu

ISTANBUL (AA) - US housing starts increased 3% in June, rebounding from their lowest since June 2020, according to data released Wednesday.

Housing starts, which measure the change in the number of new residential buildings beginning construction, stood at 1.353 million, according to the Census Bureau and the Department of Housing and Urban Development.

The expectation for the figure was to come in at 1.3 million.

The May figure, meanwhile, was revised from 1.277 million to 1.314 million, or from a decline of 5.5% to a decrease of 4.6%.

Housing starts in June were down 4.4%, compared to the same month last year when they stood at 1.415 million.

Building permits, a key indicator of market demand, increased 3.4% monthly to 1.446 million.

That figure also came in higher than expectations of 1.4 million, while the May figure was revised from 1.386 million to 1.399 million, or from a fall of 3.8% to a decline of 2.8%.

Annually, building permits were down 3.1% from the same month in 2023 when they stood at 1.493 million.