U.S. Housing Starts Fall Sharply Below Expectations in July

U.S. Commerce Department data indicates that housing starts, a key measure of new residential construction, dropped 12.4% in July to 1.239 million, significantly below the 1.34 million expected by Wall Street Journal-polled economists. Residential permits, however, rose 5% to 1.443 million. Home-builder sentiment remains muted due to high mortgage rates, rising construction costs, and economic uncertainty.