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September 19, 2014

Apartment sector weighs on U.S. home building

  • An economist says builders are constructing too many single-family houses.
  • By JOSH BOAK
    AP Economics Writer

    WASHINGTON — U.S. home construction plunged in August, led by steep decline in the volatile apartment category. But single-family house construction, a larger and more stable portion of the market, fell only modestly.

    Construction fell 14.4 percent in August to a seasonally adjusted annual rate of 956,000 homes, the Commerce Department said Thursday. This reverses the sharp gains in July when the rate of new construction rose to 1.12 million homes, the highest annual rate since 2007.


     
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