US housing starts fall 4% in July 2019

U.S. homebuilding fell for a third straight month in July amid a steep decline in the construction of multi-family housing units, but a jump in permits to a seven-month high offered hope for the struggling housing market. The housing market has not benefited much from declining mortgage rates because of land and labor shortages, which are constraining builders' ability to construct sought-after lower-priced homes. Housing is one of the weakest spots in the economy, which in recent days has seen a heightened risk of recession. Housing starts dropped 4.0% to a seasonally adjusted annual rate of 1.191 million units last month, the Commerce Department said on Friday. Homebuilding was likely disrupted by Tropical Storm Barry, which drenched Louisiana in the middle of July. Data for June was revised down to show homebuilding falling to a pace of 1.241 million units, instead of dropping to a rate of 1.253 million units as previously reported.