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Home Construction Declines

January 30, 2011 Comments off

By SARA MURRAY

New-home construction dropped in December to its lowest level in more than a year as the feeble housing sector ended 2010 on a weak note.

Private building of new homes dropped 4.3% in December from a month earlier to a seasonally adjusted annual rate of 529,000—the lowest level of housing starts since October 2009, the Commerce Department said Wednesday. The construction industry continued to stumble last year even as economic growth picked up and private-sector job creation returned. Housing starts ended the year 8.2% below December 2009 and there’s little sign building will pick up early this year.

“From what we’ve heard from builders, they’re not very hopeful for Read more…