Wednesday, March 17, 2010

Snow storms chill US construction ( BBC)

Snow storms chill US construction

Many parts of the US have had record blizzards

Construction of new US homes fell in February - with disruptive heavy blizzards experienced in some areas of the country being partly blamed.

The building of new residential properties slid 5.9%, said the Commerce Department. But January construction was revised up to a 14-month high.

While the total of 575,000 new builds in February was down from the previous month, it was up 0.2% on a year ago.

The recovery of the housing market is seen as crucial to economic recovery.

Separate data from the Labor Department suggested import prices fell by 0.3% in February led by a drop in crude oil prices.

The fall, the first in five months, was widely expected.

Meanwhile, US export prices fell by 0.5% in February from the previous month, despite analysts' predictions that they would rise by 0.3%, the Labor Department said.