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Financials

U.S. housing starts accelerate in June

WASHINGTON, July 17 (Reuters) - U.S. homebuilding surged in June amid reports of rising demand for housing in lower density areas as companies allow employees flexibility to work from home because of the COVID-19 pandemic.

Housing starts increased 17.3% to a seasonally adjusted annual rate of 1.186 million units last month, the Commerce Department said on Friday. Data for May was revised up to a 1.011 million-unit pace from the previously reported 974,000.

Economists polled by Reuters had forecast starts increasing to a rate of 1.169 million units.

Reporting by Lucia Mutikani; Editing by Alison Williams

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