Work began at an annual pace of 629,000 units, up 15% from May. The Commerce Department pro-rates numbers every month to project an annual figure. Wall Street reacted favorably to the data.
Home construction totaled 554,000 units in 2009, the lowest since record-keeping began in 1959. There were 587,000 starts in 2010, a 6% increase over the previous year. Starts reached a peak of 2.07 million in 2005.
New Jersey’s initial step in a potential strong recovery resides in the housing sector.