U.S. housing starts rise in June

U.S. homebuilding increased more than expected in June, though expensive lumber, as well as shortages of labor and land, continued to constrain builders’ ability to fully take advantage of robust demand for housing.

Housing starts rose 6.3% to a seasonally adjusted annual rate of 1.643 million units last month, the Commerce Department said on Tuesday. Data for May was revised down to a rate of 1.546 million units from the previously reported 1.572 million units.

Single-family homebuilding, the largest share of the housing market, increased 6.3% compared to the previous month to a rate of 1.16 million units.