WASHINGTON -- Construction of new homes plunged by a bigger-than-expected amount in September as builders slashed production to the slowest pace since early 1991, when the country was in a deep recession.
A barometer of future building also dropped to the weakest level in more than 25 years.The building industry is on pace to construct the fewest new homes and apartments this year since the end of World War II.
The Commerce Department reported today that construction of new homes and apartments dropped by 6.3 percent last month, a much bigger decline than the 1.6 percent decrease that had been expected. It pushed total production to a seasonally adjusted annual rate of 817,000 units. That's the slowest pace since January 1991, when the U.S. was in a recession and going through a similar painful housing correction.
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