Housing starts show yearly gains in June

Housing starts increased to a seasonally adjusted annual rate of 760,000 in June, up 6.9% from the revised May estimate of 711,000 and 23.6% above the June 2011 figure.

The June Residential Construction report from the Commerce Department showed a greater concentration of starts in the single-family sector, as compared with multi-family. Single-family housing starts in June were at a rate of 539,000, a 4.7% increase from the revised May figure of 515,000. The June rate for units in buildings with five units or more was 213,000.

On a regional basis, there was little change in the month-to-month starts in single-family housing starts. But yearly comparisons showed gains across the country, with the West coming out on top with a 38.3% spike. In the Midwest, single-family starts rose 15.7% in June 2012 compared with June 2011 and in the South, 14.2%. The Northeast showed a 19.4% increase.