Building permits boost housing outlook

building permitsReuters

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 on Friday.

May’s starts were revised up to a 1.07 million-unit rate from the previously reported 1.04 million-unit pace.

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