U.S. builders started work on fewer homes in June, mostly because apartment construction fell sharply. But applications for permits to build single-family houses rose to the highest level in five years, suggesting the housing recovery will continue.
Developers began construction at a seasonally adjusted annual rate of 836,000 homes in June, the Commerce Department said Wednesday. That was nearly 10 percent below May’s total of 928,000, which was revised higher, and was the fewest since August 2012.
