May 19, 2009
New Home Construction Hits Record Low In April
By Matthew L. Brown
Construction of new homes and apartments fell 12.8 percent in April to its slowest pace on record, according to the U.S. Census Bureau.
According to the bureau's April results, homes were constructed at an annual rate of 458,000 units during the month. Applications for new building permits dropped 3.3 percent to an annual rate of 494,000, also the lowest on record.
Lack of construction of multifamily homes was largely responsible for the month's results.
Construction of single-family homes increased by 2.8 percent to an annual rate of 368,000, following a 0.3 percent gain in March. Building permits for single-family homes were up 3.6 percent to a rate of 373,000.
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