New home construction fell to an 8-month low in June, but there were indications of increased activity in coming months, the government said this week.
Housing starts fell 5% from May to a seasonally adjusted annual rate of 549,000 last month, the Commerce Department said. That was the lowest rate since October 2009.
Economists were expecting housing starts to fall to 575,000. On a year-over-year basis, starts sank 5.8% from June 2009.
Building permits, a gauge of future construction activity, rebounded last month, posting the first gain since March. Permits rose to a seasonally adjusted annual rate of 586,000 last month, up 2.1% from a revised 574,000 in May.
Economists expected permits to drop to 572,000. Permits were down 2.3% from June 2009.
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