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July 18, 2014

Home construction drops 9.3% in June

  • All of the weakness was confined to the South, which was hit by heavy rains. Construction was up in all other regions.
    • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — U.S. home construction fell in June to the slowest pace in nine months, a setback to hopes that housing is regaining momentum and will boost economic growth this year.

    Construction fell 9.3 percent last month to a seasonally adjusted annual rate of 893,000 homes, the Commerce Department said Thursday. That was the slowest pace since last September and followed a 7.3 percent drop in May, a decline even worse than initially reported.


     
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