US home construction posts surprise fall in July

WASHINGTON:US home construction saw a surprise decline in July, with both new starts and building permits suffering a drop after rising for two months, the Commerce Department said yesterday.

Privately-owned housing starts fell at a seasonally adjusted annual rate of 1.0 per cent to 581,000 from the revised June estimate of 587,000.

Building permits to construct privately-owned homes fell to a seasonally adjusted annual rate of 560,000, 1.8 per cent below the revised June rate of 570,000.

By AFP