Single-family housing starts rose 1.9% in July as the construction of new homes hit its highest level since November 1978.The U.S. Census Bureau reported that single-family starts rose from a seasonally adjusted annual rate of 1.49 million units in June to 1.52 million units in July. The previous high in the past two years was 1.51 million in January 2003. For the first seven months of this year, single-family housing starts are ahead of last year's pace by 1.9%. The National Association of Home Builders is forecasting that single-family construction will exceed last year's mark of 1.36 million starts by a nose. Meanwhile, multifamily starts fell 1.8% in July to 319,000 units.
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