WASHINGTON (Reuters) – U.S. homebuilding surged in June amid reports of rising demand for housing in lower density areas as companies allow employees flexibility to work from home because of the COVID-19 pandemic.
Housing starts increased 17.3% to a seasonally adjusted annual rate of 1.186 million units last month, the Commerce Department said on Friday. Data for May was revised up to a 1.011 million-unit pace from the previously reported 974,000.
Economists polled by Reuters had forecast starts increasing to a rate of 1.169 million units.
(Reporting by Lucia Mutikani; Editing by Alison Williams)
