Home builders pulled back on construction for a second straight month in September. Building activity was weak nationwide except in the Midwest.
Construction sank 9% in September to a seasonally adjusted annual rate of 1.05 million units. It was the slowest pace in 18 months.
The weakness reflected a 38% drop in construction of apartments, which overshadowed an 8.1% rise in single-family construction.
U.S. Commerce Department