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Housing starts strong
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August 19, 1998: 9:04 a.m. ET
New construction in July jumps to highest level in more than 11 years
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NEW YORK (CNNfn) - New housing construction starts in July grew to their highest level in more than 11 years, despite economists' forecasts of a moderate slowdown from the previous month, the Commerce Department reported Wednesday.
Total housing starts grew 5.7 percent to an annual rate of 1.72 million units, compared with June's revised 1.63 million figure.
The results were well ahead of economists' forecasts of 1.6 million and the highest level since March 1987's 1.73 million annual rate.
Partly in reaction, the benchmark 30-year Treasury bond slipped 4/32 of a point for a yield of 5.56 percent.
Single-family housing starts climbed 3 percent to 1.31 million units, compared with 1.27 million in June.
Apartment building starts soared 13.1 percent with 412,000 new multiple-family units built, compared with 358,000 in June.
Building permits jumped 4 percent to a 1.58 million annual rate, compared with June's rate of 1.52 million. Economists had forecast a jump to 1.55 million.
Single-family building authorizations were at a rate of 1.17 million in July, 3 percent above June's rate of 1.13 million.
Permits for apartment complexes with five or more units climbed 7 percent to a rate of 338,000, compared with June's rate of 315,000. 
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