The U.S. economy is on track to grow at a 3.6 percent annualized rate in the third quarter on data that showed domestic housing starts unexpectedly rose to a five-month high in July, the Atlanta Federal Reserve's GDP Now forecast model showed on Tuesday.
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Dennis Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta |
U.S. home builders increased their groundbreaking last month by 2.1 percent to a seasonally adjusted annual rate of 1.2 million units, the strongest level since February, the Commerce Department said on Tuesday. June's starts were largely unchanged at a 1.19 million- unit rate.
Economists polled by Reuters had forecast housing starts slipping to a 1.18 million-unit pace in July.
As a result of the surprise increase in housing starts, the Atlanta Fed's forecast model raised its estimate on third-quarter residential investment growth to 2.4 percent from 0.4 percent.
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