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Residential starts hit a 1.36 million annualized rate in August, according to data released Wednesday by the US Census Bureau.
US housing starts leaped in August to the highest level since July 2007, climbing on increased apartment and single-family home construction.
The upward trend follows “softness” from earlier in the year, the JPMorgan economist Daniel Silver said in a note.
The report’s positive guidance suggests that home starts will continue despite other signs of economic slowdown, he added.
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