The pace of U.S. home construction fell a sharp 4% in July despite strong demand from would-be buyers, held back by a shortage of skilled labor and affordable land.
The Commerce Department said Friday that housing starts slipped last month to a seasonally adjusted annual rate of 1.19 million units. So far this year, housing starts have declined 3.1%. Though there was a slight 1.3% uptick in the construction of single-family homes last month, the gain was offset by a 17.2% plunge in the apartment category.
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