US home construction sees surprise decline in July
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 Tuesday.
Privately-owned housing starts fell at a seasonally adjusted annual rate of 1.0 percent to 581,000 from the revised June estimate of 587,000, the department said.
Building permits to construct privately-owned homes fell to a seasonally adjusted annual rate of 560,000, 1.8 percent below the revised June rate of 570,000.
Analysts had expected 599,000 new starts and 577,000 building permits in July.