WASHINGTON — Housing starts ramped up to a seasonally adjusted annual rate of 1.87 million units in July, the U.S. Department of Commerce reported. This is 1.5 percent above June's upwardly revised 1.85 million unit pace and is the strongest rate of housing production since April 1986.
"It's shaping up to be a very busy summer for home builders," stated Kent Conine, president of the National Association of Home Builders (NAHB). "Favorable interest rates, signs of an improving economy, healthy gains in home values, and strong household formations are all fueling demand for new homes, and builders are responding to the times."