Construction Maison

Josh Boak, Ap Economics Writer Updated 1:37 pm, Wednesday, August 16, 2017 Commerce Department reports on U.S. home construction in July. Photo: Keith Srakocic, AP / Copyright 2017 The Associated Press. All rights reserved." class="landscape" /> Commerce Department reports on U.S. home construction in July." src="src" /> Photo: Keith Srakocic, AP Image 1 of / 1 Caption Close Image 1 of 1 In this Wednesday, March 1, 2017, photo, a forklift is parked in front of one of the houses under construction in a housing plan in Zelienople, Pa. On Wednesday, Aug. 16, 2017, the Commerce Department reports on U.S. home construction in July. less In this Wednesday, March 1, 2017, photo, a forklift is parked in front of one of the houses under construction in a housing plan in Zelienople, Pa. On Wednesday, Aug. 16, 2017, the Commerce Department reports ... more Photo: Keith Srakocic, AP US home construction slumped in July Back to Gallery WASHINGTON (A...

WASHINGTON — The Commerce Department said Wednesday that housing starts fell 4 .8 percent in July to a seasonally adjusted annual rate of 1.16 million. Groundbreakings for multi- family buildings such as apartments slumped 17.1 percent, while single- family house construction slipped 0 .5 percent. Home construction has increased 2.4 percent year-to-date, but the gains have done little to offset the dwindling number of homes listed for sale. The shortage of properties for sale has pushed prices up at a faster pace than income growth, making home ownership less affordable for many would-be buyers. Housing starts dropped in the Northeast, Midwest and West but rose modestly in the South. Building permits, an indicator of future construction, decreased 4.1 percent to 1.22 million. While home construction has increased, it's done little to ease the pressure from a decline in listings for existing homes — a much larger segment of the housing market. The number of sales listings ha...