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US homebuilding drops 9.5% in April: govt

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AFP

Washington (AFP) – New home construction in the United States dialed back sharply in April, falling 9.5 percent after the prior month saw strong growth, government data said Tuesday. The seasonally adjusted data on new home starts was worse than expected, while building permits, a more volatile indicator of projects in the pipeline, rose 0.3 percent from March. Homebuilders have faced tough months recently, with bad winter weather idling many projects in February followed by a large rebound in March construction. Ian Shepherdson of Pantheon Macroeconomics said the decline in homebuilding was p…

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