Latest Residential construction News

Housing market trends fuel single-family home rental growth

Nov. 24, 2021 14:20 PM EST

LOS ANGELES (AP) — Homebuilders and other real estate companies are increasingly betting that would-be homebuyers frustrated with a shortage of homes for sale and runaway prices will settle for renting their slice of the American Dream. While individual homeowners and...

Nonprofit to redevelop bank damaged during Floyd protests

Nov. 23, 2021 11:44 AM EST

MINNEAPOLIS (AP) — A Minneapolis bank that was badly damaged during protests over the death of George Floyd is giving the property to a nonprofit developer to build affordable housing, commercial space and a home for cultural organizations. The 2.4-acre U.S. Bank site,...

US home construction dips 0.7% in October, but permits jump

Nov. 17, 2021 09:13 AM EST

SILVER SPRING, Md. (AP) — Construction of new homes in the U.S. fell 0.7% in October, but a big jump in the number of permits last month points to anticipation by builders that supply chain problems that have dogged them for much of the year will soon ease. October's...

Death toll rises to 23 in Nigerian building site collapse

Nov. 03, 2021 13:05 PM EDT

LAGOS, Nigeria (AP) — The death toll from the collapse of a high-rise apartment building under construction in Nigeria’s most populous city has risen to 23 with two more bodies recovered Wednesday afternoon, authorities said. Nine people had been rescued by Tuesday,...

Resurgent demand drives Caterpillar sales in third quarter

Oct. 28, 2021 10:08 AM EDT

Bustling construction sites, active drilling for energy and re-engagement in mines and other heavy industries doubled third quarter profits at Caterpillar and drove sales up 25% as the global economy emerges from a pandemic. Executives with the heavy machinery company...

Wisconsin Assembly passes workforce housing bills

Oct. 26, 2021 17:43 PM EDT

MADISON, Wis. (AP) — The Wisconsin Assembly passed a package of bills Tuesday touted by Republicans and the state's building and real estate industries as a way to create more affordable housing for workers, reduce regulations and reform outdated practices. A tight...

Inflation forces homebuilders to take it slow, raise prices

Sep. 23, 2021 14:20 PM EDT

LOS ANGELES (AP) — Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders. Rising costs and shortages of building materials and labor are rippling across...

Chinese builder in debt jam says it will make bond payment

Sep. 22, 2021 06:59 AM EDT

BEIJING (AP) — A Chinese real estate developer whose struggle to avoid defaulting on billions of dollars of debt has rattled global markets says it will pay interest due Thursday to bondholders in China but gave no sign of plans to pay on a separate bond abroad. The...

EXPLAINER: Chinese builder’s debt struggle rattles investors

Sep. 21, 2021 16:15 PM EDT

BEIJING (AP) — Global investors are watching nervously as one of China’s biggest real estate developers struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the financial system. Chinese regulators have...

US home construction up 3.9% in August after July drop

Sep. 21, 2021 09:37 AM EDT

WASHINGTON (AP) — U.S. home construction rebounded a better-than-expected 3.9% in August with the strength coming in apartment construction. The August increase left home construction at a seasonally adjusted annual rate of 1.62 million units, 17.4% above the pace of a...