NEW YORK CITY-Home construction in the US dropped to the rock-bottom level in three months. Construction of apartments and homes fell 5.0% last month.
In August last year, new-home construction was down 5.8%. Newly released building permits increased 3.2% from a month prior to an annual rate of 620,000. Economists expected that home construction would fall by 2.3% and permits by 1.8%. Construction of single-family and multifamily homes fell 1.4% and 13.5%, respectively. For the full story, go to Wall Street Journal .
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