Big rebound for housing starts in July

Housing starts more than made up for lost ground in July, rising 15.7% over June's upwardly revised estimate to a seasonally adjusted annual rate of 1,093,000.

On a year-over-year basis, this represents a 21.7% improvement over July 2013's rate of 898,000.

June's progress was also not as poor as previously reported, standing at an upwardly revised estimate of 945,000 (compared to an original estimate of 893,000).

For single-family housing starts, the number came in at 656,000, which is 8.3% above last month's rate. The progress was felt especially in the South, which jumped 16.9% after a poor showing in June.

Building permits for privately-owned housing units were at a seasonally adjusted annual rate of 1,052,000, an 8.1% improvement over the revised June rate of 973,000. 

Additionally, multi-family housing starts jumped 33% to a rate of 423,000 units, which is its highest since January 2006.

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