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US builders broke ground on more homes in July

3 years 5 months 1 day ago August 16, 2013 Aug 16, 2013 Friday, August 16 2013 August 16, 2013 7:48 AM in News

WASHINGTON - U.S. developers broke ground on new homes at a faster pace in July, partly reversing a sharp drop the previous month. The figures suggest that housing construction is maintaining its recovery.

The Commerce Department says builders began work last month on houses and apartments at a seasonally adjusted annual rate of 896,000.

That was up 6 percent from June, though below a recent peak of just over 1 million in March.

Construction began on 26 percent more apartments, but 2.2 percent fewer single-family houses.

Applications for permits for future home construction also rose, though mostly because of apartments. Permits rose 2.7 percent to 943,000, boosted by a 13.5 percent jump in apartment permits. Permits for single-family homes dipped 2 percent.

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