Privately owned housing starts in July were at a seasonally adjusted annual rate of 1.21 million, 2.1 percent higher than the June rate of 1.18 million and 5.6 above the July 2015 rate of 1.14 million, according to the United States Census Bureau.
The increase was due largely to an uptick in multifamily housing. Multifamily housing in July was reported at a seasonally adjusted annual rate of 443,000, a 10.75 percent increase compared with June’s rate of 400,000.
"New household formations are upping the demand for rental housing, which in turn is spurring the growth of multifamily production," said Ed Brady, chairman of the National Association for Home Builders, in a statement. "Meanwhile, single-family housing continues to hold firm."
Single-family housing starts in July were at a rate of 743,000, 0.4 percent down from June’s rate of 746,000.
Regionally, overall starts increased 15.5 percent in the Northeast, 2.3 percent in the Midwest and 3.5 percent in the South in July month-over-month. The West reported a 5.9 percent loss.
