Business

US home construction jumps 15.7 percent in July

By Martin Crutsinger
Published August 19, 2014 5:09pm ET
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US home construction jumps 15.7 percent in July
In this Wednesday, July 30, 2014 photograph, a builder works on the construction of new homes in Belmar, N.J. 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. (AP Photo/Mel Evans) | Mel Evans

WASHINGTON (AP) — U.S. home construction rebounded in July, rising to an eight-month high and offering hope that housing has regained momentum after two months of declines.

Construction increased 15.7 percent in July to a seasonally adjusted annual rate of 1.09 million homes, the Commerce Department reported Tuesday. That was the fastest pace since November and followed declines of 4 percent in June and 7.4 percent in May.

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