Washington - Construction of new homes fell 4.7% in September, the biggest decline in six months, reflecting weakness in both single-family activity and apartment buildings.
The Commerce Department says the September decline left construction at a seasonally adjusted annual rate of 1.13 million units. It was the biggest decline since construction fell 7.7% in March.
Single-family building was down 4.6%, while apartment construction declined 5.1%.
Construction activity in August declined a revised 0.2%, a slightly smaller drop than initially reported. Damage from Hurricanes Harvey and Irma did not have a major impact on the August figures.
Home building has been sliding this year, but economists remain optimistic that the low level of unemployment will soon spark a rebound in sales and construction.
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