Home Construction Falls More Than Expected

Washington, DC, March 14, 2008--Construction of new homes fell by 0.6 percent last month, more than the 0.2 percent Wall Street had expected.

The Commerce Department said that construction of new homes and apartments fell to an annual rate of 1.065 million units. However, January was revised up to show a larger gain than originally reported.

Applications for building permits fell by 7.8 percent in February to an annual rate of 978,000, the slowest pace in 16 years.