New home construction one-third below last year   

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.

Building permits issued in August were at a seasonally adjusted annual rate of 854,000 according to the Department of Commerce. That is 8.9% below the July report and is 36.4% below the August 2007 level.

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.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Current issue for September 2017

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... See details!