US home construction dips, but signs point up

By Qiong (June) Zhang38 Comments

U.S. builders slowed their pace of housing construction slightly in July. But in a hopeful sign for future construction, applications for building permits rose to their highest level since August 2008.

The Commerce Department says construction of single-family homes and apartments dipped 1.1 percent in July compared with June, to a seasonally adjusted annual rate of 746,000. In June, the pace had been the fastest since October 2008.

The weakness in July came from a 6.5 percent drop in the building of single-family homes, which represent about 70 percent of the market.

Even with the slight setback in July, housing remains on an upward trend. The construction of single-family homes is up 17 percent from a year ago.

For July, total home construction rose in the Midwest but fell in all other parts of the country.


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