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Financial News Network
March 16, 2011 AT 11:31 PM
The Commerce Department reported that new construction of U.S. houses and apartments fell 22.5% in February to a seasonally adjusted 479,000 annualized units, missing consensus estimates of 570,000.Starts are at the lowest level since April of 2009, when it fell to 477,000. Starts had risen 18.4% in January, while falling 11.8% to 275,000 in February.Building permits fell 8.2% to a seasonally adjusted annual rate of 517,000, which is the lowest level of permits on record.