U.S. Home Construction Fell in April

U.S. home construction fell unexpectedly in April, an indication that the troubled sector will remain a drag on the economic recovery. Construction of homes and apartments last month sank 10.6% from a month earlier to a seasonally adjusted annual rate of 523,000, the Commerce Department said Tuesday. March’s figures were revised upward to an annual rate of 585,000. Compared with the same month a year earlier, overall new-home construction in April was down 23.9%. – WSJ