Construction of new U.S. homes rose in June to the highest level in seven months.
The Commerce Department reported construction of new homes and apartments jumped 3.6 percent in June to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May and the second straight increase after April’s record low of 479,000 units.
Applications for building permits rose 8.7 percent in June to an annual rate of 563,000 units.