Single-family home construction slips in July

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U.S. housing starts  rose 5.9 percent month over month in July to a seasonally adjusted rate of 896,000, and were up 20.9 percent from a year ago, according to a monthly report from the U.S. Census Bureau released today.

The increase was powered by a sharp rise in multifamily construction. Construction of single-family homes actually dropped by 2.2 percent.

Source: U.S. Census Bureau