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March 17, 2011

New-home construction plunges 22.5%

  • Last month, new starts were at a two-year low while requests for building permits hit a 50-year low.
  • WASHINGTON (AP) — Builders broke ground last month on the fewest homes in nearly two years and cut their requests for permits to start new projects to a five-decade low. The decline in construction activity is the latest evidence that the housing industry is years away from a recovery.

    Home construction plunged 22.5 percent in February from January to a seasonally adjusted 479,000 homes, the Commerce Department said Wednesday. It was the lowest level since April 2009 and the second-lowest on records dating back more than a half-century.


     
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