US home construction dipped slightly in July, but pace remains close to 4-year high

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.

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