WASHINGTON (AP) - U.S. home construction rebounded in July, rising to the fastest pace in eight months and offering hope that housing has regained momentum after two months of declines.
The Commerce Department says construction increased 15.7 percent in July to a seasonally adjusted annual rate of 1.09 million homes. That was the fastest pace since November and followed declines of 4 percent in June and 7.4 percent in May.
Applications for building permits, considered a good sign of future activity, also showed strength in July, advancing 8.1 percent to an annual rate of 1.05 million, after declines of 3.1 percent in June and 5.1 percent in May.
The July rebound reflected strength in single-family home construction, which rose 8.3 percent, and in apartment construction, which was up 33 percent.