New home construction one-third below last year
September 17, 2008,
Washington – August activity in the home construction market showed a continued contraction, with the market one-third below year-ago levels – and slower than at any time since early 1991.
According to Commerce Department records, the seasonally adjusted annual rate of new building permits has not been this low since February 1991 – when it was 853,000 units – more than 17 years ago.
Actual construction was just as sluggish. “Privately-owned housing starts in August were at a seasonally adjusted annual rate of 895,000,” reported Commerce. This was a 6.2% slip from the revised July estimate of 954,000 – and 33.1% below the August 2007 rate of 1,337,000 new home starts.
As for completions of privately-owned housing, the August 2008 seasonally adjusted annual rate of 961,000 or 9.8% was below July 2008 – and 35.8% below August 2007.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...