Home Building Slipped in June for Second Straight Month
Housing starts fall 2% as buyer demand softens under weight of higher interest rates
Residential construction in the U.S. slowed for the second straight month in June, as both housing starts and the number of building permits issued declined.
Housing starts fell 2% to a seasonally adjusted 1.56 million, the Commerce Department said Tuesday. Economists surveyed by The Wall Street Journal expected housing starts to rise 1.4%. Building permits slipped 0.6% to 1.69 million, but held 1.4% higher than the figure in the prior year. The drops came as interest rates climbed and a global housing boom faded.