Housing construction slumps 7% in July to 1.53 million units

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — Home construction fell a sharp 7% in July as homebuilders struggled to cope with a variety of headwinds. The July decline put home construction at a seasonally adjusted annual rate of 1.53 million units, the Commerce Department reported Wednesday. Applications for building permits, which can forecast future activity, rose 2.6% in July from the June level to an annual rate of 1.64 million units.