India, July 18 -- New residential construction in the U.S. rebounded by more than expected in the month of June, according to a report released by the Commerce Department on Friday.
The Commerce Department said housing starts surged by 4.6 percent to an annual rate of 1.321 million in June after plunging by 9.7 percent to a revised rate of 1.263 million in May.
Economists had expected housing starts to jump by 3.5 percent to an annual rate of 1.300 million from the 1.256 million originally reported for the previous month.
The bigger than expected rebound by housing starts came as a spike by multi-family starts more than offset a steep drop by single-family starts.
The report said multi-family starts soared by 30.6 percent to an annual r...