Builders scaled back their feverish construction pace on new homes and apartments during August, the Commerce Department said Friday. Building starts on new homes fell 5.5 percent after a revised 5.3 percent jump in July, marking the biggest monthly decline since a 7.2 percent drop in December 1996. The falloff exceeded Wall Street forecasts but nevertheless reflected a buoyant level of building activity, well above year-earlier levels.
Econ: By the Numbers
Builders scaled back their feverish construction pace on new homes and apartments during August, the Commerce Department said Friday. Building starts on new homes fell 5.5 percent after a revised 5.3 percent jump in July, marking the biggest monthly decline since a 7.2 percent drop in December 1996. The falloff exceeded Wall Street forecasts but nevertheless reflected a buoyant level of building activity, well above year-earlier levels.
