Construction of new homes south of the border descended for a second straight month in April, pushing activity to the lowest point in five months.
Figures released Tuesday by the U.S. Commerce Department says housing starts fell 2.6% in April to a seasonally-adjusted annual rate of 1.17 million units, a reading which followed a 6.6% decline in March and left home building at its lowest point since last November. The weakness was led by a big drop in the volatile sector of apartment construction.
Housing construction has been one of the bright spots for the economy. Analysts expect that the number of Americans seeking homes will revive in coming months, driven by strong employment gains and low unemployment.
