Home building falls in October due to apartment sector


Associated Press: Construction of new homes fell 2.8 percent from September.

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Associated Press: Construction of new homes fell 2.8 percent from September.

While overall construction was down in October, analysts said the weakness was confined to apartment building, which had seen a huge increase in September. They noted upward revisions to overall activity in September and August and forecast further gains in the months ahead.

“The improving trend should continue, supported by generally low rates … and strong job growth,” said Jennifer Lee, senior economist at BMO Capital Markets.

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