Economic Report: Housing starts jump as construction, home buying get back on track

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A worker climbs on the roof of a home under construction in Phoenix, Arizona.

Builders broke ground on more homes in June, and figures from a prior month were revised up, allaying fears that the housing recovery had stumbled in the spring.

Housing starts were at a 1.22 million seasonally adjusted annual rate, the Commerce Department said Wednesday, 8.3% higher than in May and 2.1% higher for the year. The MarketWatch consensus of economists was for a 1.16 million annual pace.

May’s data, originally reported as the lowest in eight months, was revised up to a 1.12 million annual pace.

Builders also applied for more permits to construct homes, a good signal of increased activity ahead.

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