54.4 F
Fort Worth
Saturday, October 31, 2020
Business August US home building slides 5.1% after months of gains

August US home building slides 5.1% after months of gains

Other News

US economy grew at 33% rate in Q3 but recovery is incomplete

By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — The U.S. economy grew at a record 33.1% annual rate...

Trump rips Fauci, mocks Biden as campaign hits homestretch

By JILL COLVIN, WILL WEISSERT and ZEKE MILLER Associated Press PRESCOTT, Ariz. (AP) — President Donald Trump came out...

Pandemic hammers small businesses vital to economic recovery

EDITOR'S NOTE — Small businesses around the world are fighting for survival amid the economic fallout from the coronavirus pandemic. Whether they...

Bank profits remain resilient despite lingering pandemic

By KEN SWEET AP Business Writer CHARLOTTE, North Carolina (AP) — Unemployment remains high, many small businesses are struggling,...

By MARTIN CRUTSINGER AP Economics Writer

WASHINGTON (AP) — U.S. housing construction fell a surprising 5.1% in August after three months of strong gains when home builders ramped up projects following a pandemic-induced shutdown in March and April.

Applications for building permits, which is a good barometer of future activity, dipped a slight 0.9% in August to a seasonally adjusted 1.47 million but that decline followed solid gains in the previous three months including a 17.9% rise in July.

New homes were started at a seasonally adjusted annual pace of 1.42 million last month after a 17.9% surge in July, the Commerce Department reported Thursday.

While the drop-off in new homes was greater than economists had expected, construction remains 51.6% above an April low.

Also, this week a survey gauging builder sentiment found strong optimism. The survey by the National Association of Home Builders and Wells Fargo showed that builder confidence reached to an all-time high in September, even in the face of rising costs for building materials.

Declines in activity were led by the Northeast, where home construction fell 33.1%. There was also a decline of 17.7% in the South, traditionally a strong region.

Strength in August came from solid gains of 28.4% in the Midwest and 19.5% in the West.

Latest News

Industrial park coming to Arlington

A logistics real estate giant is developing a master-planned industrial park in Arlington that could cost more than $65 million.

Pier 1 returns via REV with virtual retail presence

Fort Worth’s legendary home furnishings retailer Pier 1 is back – virtually at least. Retail Ecommerce Ventures (REV) on Oct....

Textron: 3Q Earnings Snapshot

PROVIDENCE, R.I. (AP) _ Textron Inc. (TXT) on Thursday reported third-quarter net income of $115 million.On a per-share basis, the Providence, Rhode...

Exxon to cut 1,900 US jobs as oil industry struggles

By CATHY BUSSEWITZ AP Business Writer NEW YORK (AP) — Exxon Mobil is slashing 1,900 jobs from its U.S....

Self-driving tech company opening location in Alliance

TuSimple, a self-driving technology company that focuses on heavy-duty trucks, is coming to AllianceTexas’ Mobility Innovation Zone (MIZ) in north Fort Worth.