Housing construction plunged to a record low in April as a steep drop in apartment building offset a rebound in single-family construction. The Commerce Department says construction of new homes and apartments fell 12.8% last month to a seasonally adjusted annual rate of 458,000 units, the lowest pace on records going back a half-century. Economists had expected home construction to post a modest increase in April as a sign that the worst collapse in housing activity in the post-World War II period was drawing to a close.
Housing construction drops 12.8% in April
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