Why Trump has his eye on Australia's retirement system

**SPEAKER_1** (0:00)
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**SPEAKER_2** (1:00)
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**Kimberly Adams** (1:31)
A big jump in new home construction in June.
From Marketplace in New York, I'm Kimberly Adams. After a lackluster May where housing starts hit their lowest level in six years, they rebounded last month with vigor. Housing starts rose 19 percent in June compared to the month before. Joining me to look over the numbers is Chief Economist at FHN Financial in New York, Christopher Lowe. Chris, a smoky morning to you.

**Christopher Lowe** (1:58)
Smoky morning to you too, Kimberly.

**Kimberly Adams** (2:00)
There were just blockbuster housing start numbers this morning. What's behind this?

**Christopher Lowe** (2:05)
Multifamily. It is the most volatile part of the housing index. It's relatively small compared to single family.
But we've seen a real push to build multifamily housing across the country in the past couple of years. And what it tends to come in these blocks, and that's just what we saw, a really significant increase in the multifamily sector in the Midwest this month.

**Kimberly Adams** (2:39)
And May's numbers were pretty bad. What's behind the rapid swing?

**Christopher Lowe** (2:44)
Yeah. And it is just that. I think as we shift in the US from predominantly single-family housing to multifamily housing, and this is something that's been going on for many years, you know, stretching back a decade, in May, it was a decline in multifamily starts. And when you consider the size of some of the projects that are underway, when you consider that in any given month, weather can be a big factor in terms of timing of starts, it's that confluence of things that came to a head. So in May, a sharp drop, and then in June, we got basically two months of starts at once.

**Kimberly Adams** (3:35)
Christopher Lowe is chief economist at FHN Financial in New York. Chris, thank you for joining me.

**Christopher Lowe** (3:40)
Thank you, Kimberly.

**Kimberly Adams** (3:42)
After we got data earlier this week of slowing growth in consumer and producer prices, import prices were up slightly last month. The import price index from the Bureau of Labor Statistics rose 0.3% in June. That's down from 1.7% increase in May.

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**David Brancaccio** (4:41)
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