New building permits at highest level since 2007

U.S. housing starts rebounded strongly in June and building permits surged to a near eight-year high, pointing to a strengthening housing market. Groundbreaking increased 9.8 percent from May to a seasonally adjusted annual pace of 1.17 million units, the Commerce Department said. Permits for future home construction increased 7.4 percent to a 1.34 million-unit rate, the highest level since July 2007. Rising household formation and a tightening labor market are encouraging young adults to leave parental homes and are boosting the demand for housing. Many economists anticipate that a strong housing market will mitigate the drag on the economy from a struggling manufacturing sector.

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