Home Construction Rises but Future Indicator Falls

Washington, DC, February 20, 2008-- Construction of new homes rose modestly in January but applications for future construction plummeted.

The Commerce Department said that construction of new homes and apartments rose by 0.8 percent an annual rate of just over 1 million units. That was the first increase since October and followed a sharp decrease of 14.8 percent in December.

Applications for new construction fell by 3 percent.