Housing Construction Down 6 Pct. In August

Housing Construction Down 6 Pct. In August

 

Housing construction plunged in August, falling to the lowest level in more than three years as the once-booming industry showed further signs of a dramatic slowdown.

 

The Commerce Department reported that construction of new homes and apartments fell by 6 percent, the third consecutive decline and a much bigger setback than analysts had been forecasting.

 

The weakness pushed the annual rate for construction down to 1.665 million units, the slowest pace since April 2003.

 

Meanwhile, wholesale prices edged up a modest 0.1 percent in August, and outside of energy and food, prices actually fell for a second straight month. That hadn't occurred in more than three years, the Labor Department said.

 

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