US home construction jumps 6.3% in June

Home construction in the U.S. rose a strong 6.3% in June, another big swing in what has been an up-and-down year so far

SILVER SPRING, Md. -- Home construction in the U.S. jumped 6.3% in June, another big swing in a volatile year. The rise in June put home construction at a seasonally adjusted annual rate of 1.64 million units, the Commerce Department reported Tuesday. Applications for building permits, which are used to forecast future activity, declined 5.1% in June to a seasonally adjusted rate of 1.59 million units. Month-to-month, homebuilding activity has been on a wild ride so far this year, with several double-digit swings in either direction. But housing remains one of the stronger segments of the economy, with buyers far outnumbering sellers.