The Commerce Department released a report on Wednesday showing a significant rebound by new residential construction in the U.S. in the month of June.

The report said housing starts shot up by 3.0 percent to an annual rate of 1.353 million in June after plunging by 4.6 percent to a revised rate of 1.314 million in May.

Economists had expected housing starts to jump by 2.6 percent to a rate of 1.310 million from the 1.277 million originally reported for the previous month.

The Commerce Department said building permits also surged by 3.4 percent to an annual rate of 1.446 million in June after tumbling by 2.8 percent to a revised rate of 1.399 million in May.

Building permits, an indicator of future housing demand, were expected to rise by 0.3 percent to an annual rate of 1.390 million from the 1.386 million originally reported for the previous month.

At 9 am ET, Richmond Federal Reserve President Thomas Barkin is scheduled to give informal remarks on the economy before the Greater Prince George’s Business Roundtable.

The Federal Reserve is due to release its report on industrial production in the month of June at 9:15 am ET. Industrial production is expected to rise by 0.3 percent in June after jumping by 0.9 percent in May.

At 9:35 am ET, Federal Reserve Board Governor Christopher Waller is scheduled to speak on the economic outlook before an event hosted by the Federal Reserve Bank of Kansas City.

The Energy Information Administration is due to release its report on oil inventories in the week ended July 12th at 10:30 am ET.

Crude oil inventories are expected to edged up by 0.8 million barrels after falling by 3.4 million barrels in the previous week.

At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $13 billion worth of twenty-year bonds.

The Federal Reserve is due to release its Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, at 2 pm ET.