U.S. builders held back their shovels and cut housing starts again in June, but a sign emerged of a turnaround in construction.
Housing starts dropped by 5.0%, to a seasonally adjusted annual rate of 549,000, the Commerce Department said Tuesday. Single-family housing starts slipped 0.7% to an annual rate of 454,000. Apartment construction fell harder.
Permits for new construction, however, rose, signaling a pickup down the road for builders.
The 5.0% drop was more than forecast and brought starts to the lowest level ...
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