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WASHINGTON (AP) - Home building posted a small gain in April, but permits for future construction plunged by the largest amount in 17 years, a sign the nation's housing industry is still in a deep slump.
Construction of new homes and apartments rose to a seasonally adjusted annual rate of 1.528 million units in April, an increase of 2.5 percent from the March level.
Even with the improvement, housing construction is 16.1 percent lower than a year ago, reflecting the amount of the slide since a five-year boom in housing ended last year.
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