Braking Down The News

Home Building Fell Sharply in July as Costs Increased

Housing starts decline 9.6% amid inflation and higher mortgage rates


House construction in the U.S. continued to slow in July, as high inflation and higher mortgage rates make it more expensive to build and buy property.

Housing starts in July fell 9.6% from the month before to a seasonally adjusted annual rate of 1.45 million, the Commerce Department said Tuesday, down from a revised 1.6 million the prior month.


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