Topics

Philosophy
Housing starts soar in July; construction boosts Home Depot profit
Housing starts soar in July; construction boosts Home Depot profit

New home construction surged to an eight-month high in July, providing a lift to the broader economy. Housing starts jumped 15.7% from June to a seasonally adjusted annual rate of 1,093,000, the Commerce Department said Tuesday. Economists had expected a rate of 965,000, according to FactSet. The department also revised June’s rate of housing starts upward, to 945,000 from 893,000. “This was a solid report,” IHS Global Insight economists Patrick Newport and Stephanie Karol wrote in an analysis. “Builders’ optimism is picking up.” That optimism, if it continues, could have a sustained, broad effect on the economy, including companies that specialize...

Loading