Housing Starts in U.S. Surge to Second Highest Level Since 2007

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U.S. housing starts rebounded strongly in June and building permits surged to a near eight-year high, pointing to a rapidly strengthening housing market. Groundbreaking increased 9.8 percent to a seasonally adjusted annual pace of 1.17 million units, the Commerce Department said recently. Permits for future home construction increased 7.4 percent to a 1.34 million-unit rate, the highest level since July 2007. A survey on Thursday showed builders’ confidence held at a more than 9-1/2-year high in July, suggesting that both permits and groundbreaking have scope to rise further.

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