WASHINGTON (AP) - A government report says construction of new
homes plunged 4.5 percent last month to the lowest level on
government records, as U.S. builders slashed production while Wall
Street nosedived.
The Commerce Department reported Wednesday that construction of
new homes and apartments dropped more than expected to an annual
rate of 791,000 units from an upwardly revised September rate of
828,000 units. Previously, the slowest pace had been in January
1991, when the country was in recession and going through a similar
housing correction. The government's records date back to 1959.
Analysts surveyed by Thomson Reuters had expected construction
to fall to a rate of 780,000 units. It was the fourth-straight
monthly drop.
Web Search powered by YAHOO!
|
NewsNews
Home Construction Drops to Record Low
By:
|
Alabama's13.com
Published: November 19, 2008
Published: November 19, 2008
Email
Facebook
Google
Twitter
Favorites
MoreAdvertisement
View More:
Business_Finance,
Department Of Commerce,
Politics,
Thomson Reuters,
United States,
Washington
Not what you're looking for? Try our quick search:
Reader Comments
*Facebook Account Required to Comment. If you are not already logged into Facebook, please click the comment button to do so.Deal of the Day
Advertisement
Most Popular
- 1.AM News: Pell City teacher accused of raping young boy
(
- 2.Pell City teacher charged with rape
(
- 3.Chief Deputy of Walker County Sheriff's Office dies in wreck
(
- 4.UA research team has breakthrough in aid for Parkinson's disease
(
- 5.40 percent of Birmingham residents do not have bank accounts
(
Advertisement
Links We Like
Advertisement
Advertisement