U.S. new home construction increased by 3.9 percent in July, according to figures released Wednesday by the U.S. Department of Commerce.
Housing starts climbed to an annual level of 1.45 million units, which narrowly beat economists’ estimates of 1.44 million units.
Building applications, a measurement of future projects, increased 0.1 percent to the tune of an annual 1.44 million units.
Still, building permits have dropped 13 percent since the same period a year ago.
