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US home construction accelerates | US home construction accelerates |
(30 minutes later) | |
US house building picked up pace in April, topping market forecasts. | US house building picked up pace in April, topping market forecasts. |
According to the Commerce Department, 1.528 million new homes were started in April, up from 1.491 million in March. | According to the Commerce Department, 1.528 million new homes were started in April, up from 1.491 million in March. |
However, analysts warned that the outlook for the construction industry may not be rosy, underlining fears that the housing market may be softening. | However, analysts warned that the outlook for the construction industry may not be rosy, underlining fears that the housing market may be softening. |
Building permits - a measure of future construction plans - were increasing at their slowest pace in a decade, the Commerce Department said in its report. | Building permits - a measure of future construction plans - were increasing at their slowest pace in a decade, the Commerce Department said in its report. |
Housing construction is now 26% lower than at the same time last year. | |
The worry is that a slump in the housing market will feed through into the wider economy, causing consumers to rein in their spending and hurting corporate profits. | |
On Tuesday a survey by the National Association of Home Builders showed that a sentiment index gauging the mood of the building industry had fallen to its lowest level since September last year. |