Housing starts rise in July to highest level in nearly eight years

Washington

NEW-HOME construction in the US climbed in July to the highest level in almost eight years, indicating the industry will pick up in the second half of the year.

Residential starts rose 0.2 per cent to a 1.21 million annualised rate, the most since October 2007, from a 1.2 million pace in the prior month that was higher than previously estimated, a Commerce Department report showed on Tuesday in Washington.