U.S. housing construction fell 5.1% in August after three months of strong gains as home builders mounted a rebound following a pandemic-induced shutdown in March and April.
The Commerce Department reported Thursday that new homes were started at a seasonally adjusted annual pace of 1.42 million last month after a 17.9% surge in July.
The August drop was bigger than expected but still left housing construction 51.6% above the low hit in April.
A builders' survey of sentiment this week found strong optimism that home building is on the upswing.
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