WASHINGTON (Reuters) – U.S. homebuilding visited the most on record in April and permits for future construction toppled, highlighting worries that the unique coronavirus crisis would cause the inmost economic contraction in the 2nd quarter given that the Great Depression.
FILE PICTURE: A residential structure construction website is seen, amid the break out of the coronavirus disease (COVID-19), in Detroit, Michigan, U.S., April 28,2020 REUTERS/Rebecca Cook/File Image
The report from the Commerce Department on Tuesday contributed to disappointing data this month showing a shocking loss of 20.5 million jobs in April and a collapse in retail sales and manufacturing production.
Housing starts tumbled 30.2%to a seasonally changed annual rate of 891,000 systems last month, the lowest level because early2015 The percentage decline was the most significant on record. Economic experts surveyed by Reuters had foreca