SILVER SPRING, Md. (AP) – Construction of U.S. homes jumped 17.3% in June as some states opened back up, but still lags behind last year’s pace after this spring’s massive slowdown in building activity due to the coronavirus outbreak.
The Commerce Department reported Friday that new homes were started at a seasonally adjusted annual rate of 1,186,000 in June after a modest recovery in May followed steep declines in April and March.
Even after a second straight month of increases, construction activity remains 4% below last year’s pace.
Applications for building permits, a good indication of future activity, rose 2.1% to 1.24 million units.