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Financial News Network
July 20, 2011 AT 12:41 AM
The Commerce Department reported that U.S. home builders sharply increased construction in June. Housing starts rose 14.6% to a seasonally adjusted annual rate of 629,000, which is the highest level since January.There was a large increase in the starts of multifamily units and a smaller gain in starts of single-family homes, according to the report.Economists had been looking for a 3.6% increase to 580,000. May's starts were revised lower to a 549,000 rate from 560,000 previously estimates.