Industry News

New real estate construction plummets in August

Year-over-year housing starts fall 20%

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The rate of privately owned single-family housing starts fell about 20.6 percent in August compared to August 2005, while total housing starts dropped about 19.8 percent, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported today. And the rate for all privately owned housing starts dropped about 6 percent from July 2006 to August 2006, the agencies reported. The seasonally adjusted annual rate of housing starts was 1.67 million in July. This rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations. Single-family housing starts in August were at a rate of about 1.36 million, and the August rate for units in buildings with five units or more was 265,000, down about 16.9 percent from the August 2005 rate. The rate of privately owned housing units authorized by building permits dropped about 21.9 percent in August compared to August 2006, and fell about 2.3 percent from July 2006, to 1.76 million. Single-family bui...