Business

Housing construction slumps 7% in July to 1.53 million units

Home construction fell a sharp 7% in July as home builders struggled to cope with a variety of headwinds.

The decline in July 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.

A survey of home builder confidence saw expectations fall sharply in August to the lowest level in a year as builders struggled with high construction costs, supply shortages and rising home prices.

The National Association of Home Builders/Wells Fargo said its survey dropped five points to a reading of 75 this month.

(A.P)

Fed discussed pulling back on bond purchases later this year

Federal Reserve officials last month discussed the idea of beginning […]

Some customers’ personal data exposed in T-Mobile breach

The names, Social Security numbers and information from driver’s licenses […]

European stock markets slip, Asian markets advance

European stock markets opened lower Wednesday while Asia advanced as […]

Taliban destroy statue of foe, stoking fear over their rule

The Taliban have blown up the statue of a Shiite […]

%d bloggers like this: