Total construction starts fell 2% in April to a seasonally adjusted annual rate of $853.5 billion, according to Dodge Data & Analytics. Single-family construction posted a sizeable decline following months of strong activity, while nonresidential building and nonbuilding starts both gained. “The pullback in single-family construction starts was inevitable after showing exceptional strength over the past year,” said Richard Branch, chief economist for Dodge Data & Analytics. “Higher material prices, supply shortages and a dearth of skilled construction labor were bound to catch up with housing and will ultimately limit the ability of this sector to show the same rate … Read more