Economics
U.S. Housing Starts Fall More Than Forecast to Three-Month Low
- New construction declined 7% in July to 1.53 million rate
- Rise in building permits reflect pickup in apartment projects
Photographer: Ty Wright/Bloomberg
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U.S. housing starts declined more than expected in July, adding to evidence that supply and labor constraints are holding back home construction while demand has slowed.
Residential starts dropped 7% last month to a three-month low 1.53 million annualized rate, according to government data released Wednesday. Building permits, however, climbed 2.6% in July due to a pickup in applications for multifamily dwellings.