Home Construction Falls 2.3%, Marking 5th Monthly Drop

Housing construction fell in June for the fifth consecutive month, pushing the level of building activity to its lowest point since the depths of the last recession, the government reported today.

The Commerce Department reported a drop of 2.3% in housing starts last month, with new homes and apartments being built at a seasonally adjusted annual rate of 1.18 million units.

The June decline followed decreases of 0.9% in May, 6.9% in April, 12.2% in March and 5.1% in February.

It marked the first time housing construction has fallen for five months in a row since a string of declines from July through November of 1981. It pushed the level of building activity to its lowest point since October, 1982.