Housing starts unexpectedly declined in June to a nine-month low, led by a record plunge in the South that shows the construction industry must still overcome hurdles before it can contribute more strongly to U.S. economic growth.
Work began on 893,000 homes at an annualized rate, down 9.3 percent from a 985,000 pace in May that was weaker than previously estimated, according to figures from the Commerce Department issued Thursday in Washington. Other reports showed manufacturing was gaining steam this month and fewer Americans filed claims for jobless benefits last week as consumer sentiment hovered near this year’s high.
