Homebuilders pulled back sharply on construction of apartment complexes in July, causing housing starts to tumble to a three-month low.
The Commerce Department said Wednesday that housing starts fell 4.8 percent in July to a seasonally adjusted annual rate of 1.16 million. Groundbreakings for multi-family buildings such as apartments slumped 17.1 percent, while single-family house construction slipped 0.5 percent.
Read more...US Home Construction Slumped in July | Business News | US News
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