Home construction fell a sharp 7% in July as homebuilders struggled to cope with a variety of headwindsWASHINGTON -- Home construction fell a sharp 7% in July as homebuilders struggled to cope with a variety of headwinds. The July decline put home construction at a seasonally adjusted annual rate of 1.53 million units, the Commerce Department reported Wednesday. Applications for building permits, which can forecast future activity, rose 2.6% in July from the June level to an annual rate of 1.64 million units. Construction starts for single-family homes fell 4.9% in July to an annual rate of 1.11 million while construction of apartments of five units or more dropped 13.6% to a rate of 412,000 units. Home construction was down in every part of the country except the South where housing starts rose 2.1%.

Source: ABC News August 18, 2021 12:43 UTC