WASHINGTON – 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.