Braking Down The News

Home Building Slipped in June for Second Straight Month

Housing starts fall 2% as buyer demand softens under weight of higher interest rates

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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.

 

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