US home construction sees 1.6% drop in November

Construction of new homes fell slightly in November, reflecting weakness in construction of single-family homes, reports The Associated Press.

Builders started construction at a seasonally adjusted annual rate of 1.03 million homes and apartments last month, the Commerce Department reported. That was a decline of 1.6 percent from October when construction activity had posted a 1.7 percent gain.

The weakness last month came from a 5.4 percent fall in construction of single-family homes, which offset a 6.7 percent rise in the more volatile apartment sector.

Read More