Industry News

Housing starts, permits hit 16-year low

Single-family construction off 35% from a year ago

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The rate of single-family housing starts and building permits in November sank to the lowest level since 1991, the U.S. Census Bureau and the Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of building-permit authorizations for new single-family housing units fell about 33.7 percent in November compared to the same month last year. The monthly rate of 764,000 in November was the lowest since June 1991, when it stood at 763,000. This rate is a projection of a monthly total over a 12-month period, adjusted to account for seasonal fluctuations in construction activity. Single-family housing starts dropped to a seasonally adjusted annual rate of 829,000 in November, down about 34.9 percent compared to November 2006. This was the lowest rate since April 1991, when it stood at 819,000. The rate of total building-permit authorizations -- including single-family homes and multi-unit structures -- dropped 24.6 percent, from 1.53 million in N...