FOR IMMEDIATE RELEASE
Tuesday, July 19, 2011
CONTACT OFFICE OF PUBLIC AFFAIRS
The Commerce Department’s U.S. Census Bureau today released data on new residential construction for June 2011. Housing starts surged 14.6 percent in June, easily surpassing private-sector expectations of a 2.7-percent increase. Permits for new housing units also beat expectations, increasing 2.5 percent in June following an 8.2-percent jump in May. Private-sector analysts had expected a 2.3-percent drop in permits from May to June.
“While today’s new construction report is encouraging, the housing market remains fragile,” U.S. Commerce Secretary Gary Locke said. “If America fails to meet its obligations, it would lead to a sharp decline in household wealth and higher mortgage rates, which would profoundly damage the housing market’s recovery. Now is the time for members of both parties to make tough choices and take a balanced approach to solve this problem, so we can focus on getting more Americans back to work.”