The Commerce Department said that construction of new homes and apartments fell 5.9 percent in February to a seasonally adjusted annual rate of 575,000 units, slightly higher than the 570,000 that economists were expecting. January activity was revised up to a pace of 622,000 units, the strongest showing in 14 months.
Homebuilders are trying to emerge from a severe housing downturn. A rebound in housing is seen as critical to sustaining the overall economic recovery.
