US home construction falls 5.1% in August after gains

WASHINGTON (AP) — 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