WASHINGTON (AP) - Housing construction fell in February as
winter blizzards held down activity in the Notheast and Midwest.
The decline highlighted the challenges facing builders as they
struggle to emerge from the worst housing slump in decades.
The Commerce Department said that construction of new homes and
apartments fell 5.9 percent in February to a seasonally adjusted
annual rate of 575,000 units, slightly higher than the 570,000 that
economists were expecting. January activity was revised up to a
pace of 622,000 units, the strongest showing in 14 months.
Homebuilders are trying to emerge from a severe housing
downturn. A rebound in housing is seen as critical to sustaining
the overall economic recovery.
(Copyright 2010 by The Associated Press. All Rights Reserved.)