WASHINGTON — U.S. developers broke ground on homes at a faster pace in July. But the rise was all due to apartment construction, which is typically volatile. By contrast, builders began work on fewer single-family homes — the bulk of the market — and sought fewer permits to build them.
Friday’s report from the Commerce Department suggests that home building is maintaining its recovery but might be starting to be restrained by higher mortgage rates.
Builders began work on houses and apartments at a seasonally adjusted annual rate of 896,000 in July, the department said. That was up 6 percent from June.
Read tomorrow's Arkansas Democrat-Gazette for full details.