Nation : Housing Construction Skids 2.2%

From Times Wire Services

Rising interest rates pulled housing construction down 2.2% in December, ending 1988 on a flat note after three consecutive monthly increases, the government said today.

The Commerce Department said the weakness in December helped drag down housing construction for the entire year to 1.49 million units, the poorest showing for the housing industry since the recession year of 1982. Construction in 1988 was off 8.2% from the previous year’s level.