Industry News

Housing starts, permits hit lowest level since 1995

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Housing starts and building permits in August dropped to the lowest rate since June 1995, the U.S. Census Bureau and Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of building permits dropped to an estimated 1.31 million in August, down 24.5 percent compared to August 2006, and the rate of housing starts fell 19.1 percent to 1.33 million. This rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. The rate of single-family building permits dropped about 27.9 percent in August compared to the same month last year, to 926,000. This was the lowest rate since April 1995. And the rate of single-family housing starts dropped 27.1 percent in August compared to August 2006, falling to the lowest level since March 1993. Building-permit authorizations of units in buildings with five units or more fell about 12 percent to a rate of 324,000 in August compared to the same month la...