17 October 2001, 16:36 Housing Construction Rises
WASHINGTON (AP) - Housing construction rose in September despite
new uncertainties about consumers' willingness to make big-ticket
purchases in the wake of the terror attacks and mounting layoffs.
The Commerce Department reported Wednesday that builders broke
ground on 1.57 million housing units at a seasonally adjusted
annual rate last month, a 1.7 percent increase. That followed a
sharp 6.7 percent drop in August.
Many analysts were expecting housing starts to fall by around 2
percent in September on the belief that builders would hold off on
new projects, given new economic uncertainties created by the Sept.
11 attacks.
In their aftermath, layoffs have rocketed, retail sales have
plunged and consumer and business confidence in the economy have
been badly shaken.
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