Construction of new homes hits eight-year high

New-home construction in the United States 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 percent to a 1.21 million annualized 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 Tuesday.

Read more: http://www.philly.com/philly/business/real_estate/20150819_Construction_of_new_homes_hits_eight-year_high.html

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