Housing Starts Up 0.8% in July as Rebound Continues

Housing construction continued to rebound from the depressing effects of high mortgage rates with a 0.8% increase in new starts last month, the government reported today.

This could mean more jobs in the construction and building materials industries and additional employment and sales in such housing-related businesses as home furnishings and appliances.

The Commerce Department reported that new homes and apartments were built in July at a seasonally adjusted annual rate of 1.43 million units, up from 1.42 million units in June, when the rebound began.

The housing industry had been among the sectors hardest hit earlier this year as the Federal Reserve drove interest rates up to restrain economic growth and contain inflation.