U.S. home construction dips, but signs point up
WASHINGTON – 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. They fell to an annual rate of 502,000. By contrast, construction of apartments rose 12.4 percent to an annual rate of 244,000 units.
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