Home construction plunges to year-low
WASHINGTON — Home construction plunged last month to the lowest level since October as the economy remained weak and demand for housing plummeted.
The Commerce Department says construction of new homes and apartments in June fell 5 percent from a month earlier to a seasonally adjusted annual rate of 549,000. May’s figure was revised downward to 578,000. The results were driven by a more than 20 percent decline in the volatile condominium and apartment market.
However, building permit applications, a sign of future activity, rose 2.1 percent from a month earlier to an annual rate of 586,000
The slumping job market and competition from foreclosed properties have forced builders to limit construction, especially after tax credits that spurred sales expired at the end of April.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- MSU reminding fans that drones are prohibited at football games
- Former DPS employees sentenced for selling bogus driver's licenses
- Politics of paying for transportation: Hand wringing and a lot of talk
- Researchers: Trapping, not hunting, best way to control wild hogs
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- Research on dogs could lead to better understanding of human cancer
- Keesler Medical Center set to begin $74M renovation project
- ONE MORE YEAR: Leaders want year more of study on comprehensive road, bridge upkeep
- Community college dedicating new welding technology center