WASHINGTON
New home construction is expected to rise for the fourth consecutive month in April. If the report comes in as expected, it's likely to raise hopes that the building industry will help sustain the economic rebound.
Economists surveyed by Thomson Reuters expect housing construction to rise by 3.8 percent to a seasonally adjusted annual rate of 650,000 in April. The Commerce Department will release the report at 8:30 a.m. EDT Tuesday.
The housing industry in good times is a major generator of jobs and economic growth. But builders have had to compete with deeply discounted foreclosures and have been leery about starting new building projects.
The report also is expected to show that applications for new building permits...read more
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