imageForex1 hour ago (Aug 18, 2020 08:54AM ET)

(C) Bloomberg. A contractor installs wall insulation in a home under construction in Park City, Utah on Aug. 14. Photographer: George Frey/Bloomberg

(Bloomberg) — U.S. home construction starts increased in July by more than forecast, indicating builders are responding to robust housing demand fueled by record-low interest rates.

Residential starts jumped by 22.6%, the most since October 2016, to an 1.5 million annualized rate from a month earlier, according to a government report released Tuesday. That compared with the median forecast in a Bloomberg survey of 1.25 million and followed an upwardly revised 1.22 million in June.

Applications to build, a proxy for future construction, increased 18.8% to a 1.5 million rate, topping the median estimate for 1.33 million.

(C)2020 Bloomberg L.P.

Housing Starts in U.S. Surged in July by Most Since 2016

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