Industry News

Residential real estate permit activity drops 15% in ’06

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The rate of private, residential building permit activity dropped about 24.3 percent in December compared to the same month last year, while starts fell 18 percent and completions dropped about 2.7 percent, the U.S. Census Bureau and Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of privately owned housing units authorized by building permits in December, at about 1.6 million, was a 5.5 percent increase from the revised November rate. This rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. Single-family building permit authorizations in December were at a rate of about 1.16 million in November, or 1.2 percent above the November figure and 29.1 percent below the December 2005 rate. Authorizations of units in buildings with five units or more were at a rate of 353,000 in December, down 7.3 percent compared to December 2005. There were an estimated 1.83 million ...