WASHINGTON – Construction of new homes fell for a second consecutive month in April, pushing activity to the lowest point in five months.
The Commerce Department says housing starts fell 2.6 percent in April to a seasonally adjusted annual rate of 1.17 million units. That followed a 6.6 percent decline in March and left the construction of a house at the lowest point since November last year. The weakness was led by a large decline in the construction of apartments, a volatile sector.
The housing is one of the bright spots for the economy. Analysts expect that the number of Americans looking for homes will rebound in coming months, driven by a strong jobs and a low unemployment rate.