WASHINGTON (AP) — Homebuilders pulled back on construction for a second straight month in September, with a plunge in apartments offsetting gains in single-family homes. Building activity was weak in all of U.S. except the Midwest.
Construction tumbled 9 percent in September to a seasonally adjusted annual rate of 1.05 million units, the Commerce Department reported Wednesday. It was the slowest pace in 18 months. Construction had fallen 5.6 percent in August.
The weakness last month reflected a 38 percent drop in construction of apartments, which overshadowed an 8.1 percent rise in single-family construction.
