WASHINGTON (AP) — Home construction plunged last month to the lowest level since October as the economy remained weak and demand for housing plummeted.
The Commerce Department said Tuesday that construction of new homes and apartments in June fell 5 percent from a month earlier to a seasonally adjusted annual rate of 549,000. May’s figure was revised downward to 578,000. The results were driven by a more than 20 percent decline in the volatile condominium and apartment market.
However, building permit applications, a sign of future activity, rose 2.1 percent from a month earlier to an annual rate of 586,000
The slumping job market and competition from foreclosed properties have forced builders to limit construction, especially after tax credits that spurred sales expired at the end of April.
'Your papers, please' must never be heard in America
Independent voices from the TWT Communities
We all eat, and food should be fun and healthful. Food Commune celebrates the food we eat, the people we eat with and the spirits we enjoy.
First over-the-counter column approved for fast and effective relief from even your worst media-induced headache.
A collection of reader guest articles, thoughts and opinions by Communities writers and breaking news and information.
Reflections on raising families in a holistic way -- with a focus on nutrition and alternative health.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall