COVID crushes new home construction business

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FILE – In this June 13, 2019, file photo stacks of building materials are stacked up near new home under construction in Mechanicsville, Va. On Friday, Aug. 23, the Commerce Department reports on sales of new homes in July. (AP Photo/Steve Helber, File)

(CNN) — U.S. Census Bureau data show the coronavirus is bashing U.S. home building.

For example, new residential construction slowed sharply in March as the coronavirus pandemic swept across the U.S.

Privately-owned housing starts declined last month to a pace that is 22 percent lower than February’s pace.

All four geographical segments in the U.S. were down, led by a 43 percent plunge in the Northeast.

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