Housing starts rise 5.9% in July on multifamily construction

Construction of new homes rose 5.9% in July to a rate of 896,000 units, according to data from the Department of Commerce. Construction of multifamily homes climbed 26%, while construction of single-family housing declined 2.2% compared with the previous month. The uptick in mortgage rates may have dimmed the demand of consumers for housing, according to some home builders.

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