Housing market bellwether

New government data on residential construction should provide insight into the state of the new-home market.

The Commerce Department is expected to report today that builders broke ground on new apartments, condos and single-family homes at a seasonally adjusted annual rate of 1.55 million units. That would be the fastest annual pace since June. Home construction slowed in July as many homebuilders struggled with high costs fueled by shortages in building materials and labor.