U.S. housing starts retreat in June
The numbers: Construction on new homes fell 8% in June, as U.S. homebuilders sharply slowed down starting on new single-family homes and focusing on finishing existing projects.
Housing starts fell to a 1.43 million annual pace last month from 1.56 million in May, the government said Wednesday. The data measures how many houses would be built over an entire year if construction took place at the same rate in every month as it did in June. Both single and multi-family construction fell in June, as home builders pulled back on new construction to focus on finishing and selling existing inventory.
Home builders pulled back the most in the Midwest, where housing starts fell by 33%. That comes after a surge in building in May of 67%. Big picture: At the end of spring, builders revved up construction on single-family homes as the weather warmed up. Housing starts jumped nearly 16% in June, according to the government’s data.
What are they saying? Single-family housing starts have been strong in May and June, Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets, wrote in a note.
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