WASHINGTON: U.S. homebuilding increased by the most in nearly four years in June amid reports of rising demand for housing in suburbs and rural areas as companies allow employees flexibility to work from home because of the COVID-19 pandemic.
Permits for future homebuilding rose 2.1per cent to a rate of 1.241 million units last month. Single-family building permits increased 11.8per cent to a rate of 834,000 units last month. But permits for multi-family units dropped 13.4per cent to a rate of 407,000 units. Builders reported increased demand for single-family homes in lower density markets, including small metro areas, rural markets and large metro suburbs. The public health crisis has shifted office work from commercial business districts to homes, a trend that economists predict could become permanent.U.S. stock index futures were trading higher. The dollar slipped against basket of currencies. U.S. Treasury prices rose.
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