US home construction fell 4% in July

WASHINGTON (AP) — U.S. housing starts fell 4.0% in July, driven by a decline in the construction of apartment buildings.

The Commerce Department says that housing starts slipped last month to a seasonally adjusted annual rate of 1.19 million units. So far this year, housing starts have declined 3.1%. While there was a slight 1.3% uptick in the construction of single-family homes, the gain was offset by a 17.2% drop in the apartment category.

The results suggest a lack of construction relative to demand from would-be home buyers, which may make it difficult for them to capitalize on the recent decline in mortgage rates.

Applications for housing permits increased 8.4% to an annual rate of 1.34 million. Apartment complexes drove the increase.

Associated Press

Associated Press

More News

Your Forecast Now

Superior
57°
Ashland
Hayward
49°
Hibbing
43°
International Falls
50°
Grand Marais
Ironwood
54°
Clear & cool tonight, Saturday will be beautiful

Clear & cool tonight, Saturday will be beautiful

TONIGHT: Clear skies again tonight, making for another chilly night. Low temperatures will be in the upper 40s, and low

Click for forecast details...
CONNECT WITH CBS 3
top stories
Scroll to top
Skip to content