August 16, 2012 - 8:49 AM
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 the highest level since August 2008.
The Commerce Department says construction of single-family homes and apartments dipped 1.1 per cent in July compared with June, to a seasonally adjusted annual rate of 746,000. In June, the rate had been 754,000, the fastest pace since October 2008.
Housing has been making a modest comeback this year. But even with the gains, the rate of construction and the level of permits remain only about half the 1.5 million annual rate considered healthy.
News from © The Associated Press, 2012