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AP National Business

US home construction dips 0.7% in October

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Published 7:45 AM

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Construction of new homes in the U.S. fell 0.7% in October, a sign that builders are still facing difficulties keeping up with demand as supply chain problems persist. The Commerce Department reported Wednesday that October’s decline put home construction at a seasonally adjusted annual rate of 1.52 million units, which is an increase of 0.4% from the rate at this time last year. Applications for building permits, a barometer of future activity, rose 4% from September and is up 3.4% from October of last year.

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