WASHINGTON (AP) - U.S. developers started work on new homes at a faster pace in July, partly reversing a sharp drop the previous month. The figures suggest that housing construction is maintaining its recovery.
The Commerce Department says builders began work last month on houses and apartments at a seasonally adjusted annual rate of 896,000. That was up 6 percent from June, though below a recent peak of just over 1 million in March. Construction began on 26 percent more apartments, a volatile category, but 2.2 percent fewer single-family houses.
Applications for permits for future home construction also rose, though mostly because of apartments. Permits rose 2.7 percent to 943,000, boosted by a 13.5 percent jump in apartment permits. Permits for single-family homes dipped 2 percent.
