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Housing construction down 3.6 percent in June

Wednesday, July 17, 2002 | 9:56 a.m.

WASHINGTON -- Housing construction, which has helped fuel the sputtering economy, declined in June after a bounce the month before, signaling the sector may be losing steam.

Builders broke ground last month on 1.67 million units at a seasonally adjusted annual rate -- a 3.6 percent drop from the May level, the Commerce Department reported today.

In May housing construction increased by 10.8 percent, according to revised figures. That increase, which was smaller than the government previously reported, follows a drop in April.

Mild weather early in the year helped to power housing construction, which remained solid throughout last year's recession. But analysts have been predicting a slowdown, saying that those robust levels can't be sustained.

"But we keep getting surprised by the strength" of new home construction, said Dave Seiders, chief economist for the National Association of Home Builders. "Apparently there's a real emphasis on housing as a place to be focusing on to put your money."

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