Construction of new homes fell in March to five month lows. Home construction dropped to 8.8% to a seasonally adjusted 1.09 million units. This marks the third decline in four months.
This was the third decline in four months and resulted in construction being at the lowest point since October. Applications for permits to build new homes dropped 7.7% in March to 1.09 million units.
Construction activity in the United States has been up and down. It dropped in January and March, but rose 6.9% in February. The housing sector has helped improve the economy, and economists expect it to increase within the next few months.
Construction of single-family homes declined 9.2% and apartment construction was down 7.9% in March. The overall drop of 8.8% was the largest decline month over month since October (11.3% decline).
The National Association of Home Builders/Wells Fargo provided a builder sentiment index of 58 for April, showing an optimistic outlook for the Spring season.
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