US home construction dipped in July

US home construction dipped in July

US home construction dipped in July

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Associated Press

Posted on August 16, 2012 at 9:00 AM

Updated Thursday, Aug 16 at 2:04 PM

WASHINGTON (AP) — 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 their the highest level since August 2008.

The Commerce Department says construction of single-family homes and apartments dipped 1.1 percent 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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