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Economic Report: Housing starts dip in June and permits fall more steeply in another sign of weakness

Bloomberg News/Landov
Construction on new homes fell slightly in June and there’s little sign construction will speed up anytime soon.

The numbers: Construction of new houses fell slightly in June and permits posted an even sharper decline, suggesting the housing market has failed to gain much momentum from lower mortgage rates.

U.S. housing starts slipped 0.9% to an annual pace of 1.25 million last month. That’s how many homes would be built in 2019 if construction took place at same rate over the entire year as it did in June.

Economists polled by MarketWatch had expected housing starts to drop to a seasonally adjusted 1.24 million rate from a revised 1.27 million in the prior month.

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