Tabs

Tuesday, September 20, 2011

Housing Starts Fell in August

Housing remains weak, as new residential construction fell again in August to an annualized rate of 571,000 new units. This is a 5% drop from July’s 601,000 new units (downwardly revised) and a loss of 5.8% from a year ago.

This represents the second month of losses after a gain in June. Starts are 62% below the 50-year average of 1.5 million units.



Declines in multi-family were larger in August and single-family starts declined by 1.4% from the previous month. Completions also fell by 2.7% from the previous month. The one bright spot were permits, which gained 3.2% over the month.

Read the release
.

No comments:

Post a Comment

Please read our comment policy before making a comment.