New home construction tanks

The construction of privately-owned homes took a hit last month, tumbling 8.8% to a seasonally adjusted annual rate of 1,089,000.

The decline, according to the Commerce Department, was punctuated by a slide of 9.2% in single-family housing starts to a rate of 764,000. The rate in March for units in buildings with five units or more was 312,000, down 8.5% from February.

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