U.S. housing starts, permits increase

Nationwide housing starts in June reached a seasonally adjusted annual rate of 629,000, 14.6 percent more than May, according to Department of Commerce data released today. The rate was a 16.7 percent increase over the June 2010 rate, the figures show. The housing permit rate, which is indicative of future construction activity in the housing sector, was 2.5 percent above the May rate and 6.7 percent above the June 2010 rate, with 624,000 permits in June 2011. Meanwhile, housing completions dipped 1.7 percent below the May rate and 39.3 percent below the June 2010 rate, with 535,000 housing starts last month. — Miranda Neubauer