Housing construction in Russia down 4% in March

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Housing construction in Russia down 4% in March

MOSCOW. April 18 (Interfax) - A total of 3.9 million square meters of housing were completed in Russia in March 2012, 4% less than in March 2011, the Federal State Statistics Service (Rosstat) said.

This was the first monthly drop since May 2011.

A total of 9.8 million square meters of housing were completed in the first quarter of 2012, 6.6% more than in the same period last year.

Construction volume fell 0.7% year-on-year in March to 18.8 billion rubles but grew 5.2% in Q1 to 793.9 billion rubles.