Industry News

Tough month for home construction

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Home construction in June continued to trail activity from a year ago, as building permits, housing starts and completions were down an average of 24 percent, the U.S. Census Bureau and the Department of Housing and Urban Development reported today. Privately owned housing units authorized by building permits last month were at a seasonally adjusted annual rate of 1.4 million, off 7.5 percent from May's revised rate of 1.52 million and 25.2 percent below the revised June 2006 estimate of 1.88 million. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in building activity. For the single-family sector, building permit authorizations in June dropped to a rate of 1.02 million, down 4.1 percent below May's figure of 1.06 million. For buildings with five units or more, authorizations were at a rate of 335,000 last month. Although privately owned housing starts in June improved from May -- rising 2.3 percent to a...