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November 20, 2014

New home construction drops; outlook rises

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON — Construction of new homes fell slightly in October after a big surge in the previous month, but the weakness was largely driven by the volatile apartment sector.

Builders started construction at a seasonally adjusted annual rate of 1.01 million last month, the Commerce Department reported Wednesday. That was a drop of 2.8 percent from September when construction had jumped 7.8 percent to 1.04 million.


 
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