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Tuesday, June 28, 2016

New home construction down last month

Construction of new homes nudged down slightly in May, with builders pulling back in the Northeast and Midwest.

Housing starts ticked down 0.3 percent to a seasonally adjusted annual rate of 1.16 million units, the Commerce Department said Friday. The government's residential construction report can be volatile on a monthly basis, which might explain the slight decrease.

Home construction has improved much of this year, with single-family houses accounting for much of the gains unlike recent years when developers focused more on apartments.

Read more: http://www.mercurynews.com/business/ci_30027562/u-s-home-construction-down-slightly-may

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