News Summary: US housing starts fell in April

HOME BUILDING: U.S. builders broke ground on fewer homes in April, one month after topping the 1 million mark for the first time since 2008. Construction fell 16.5 percent in April, but most of the decline was in apartment construction, which tends to vary sharply from month to month.

PERMITS UP: Applications for new construction, a good barometer of future activity, surged 14.3 percent to a seasonally adjusted annual rate of 1.02 million, the most since June 2008.

OUTLOOK: Economists believe home construction will keep rising this year, providing support for the overall economy.