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September 22, 2017

Housing starts fall for 2nd month in a row

By JOSH BOAK
AP Economics Writer

WASHINGTON — Homebuilders slowed their pace of construction by 0.8 percent in August, the second straight monthly decline. A steep drop in multifamily construction more than offset a slight gain in single-family homebuilding.

The overall drop occurred even though would-be homebuyers face both a shortage of properties for sale and escalating prices. Those two forces would normally help spur faster home construction. But builders are struggling with a shortage of skilled workers and rising land costs for development.


 
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