New-home construction activity slowed to a record low in November, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported today.
The seasonally adjusted annual rate of housing starts plunged 47 percent year-over-year in November, and fell 18.9 percent compared to the October 2008 rate. The rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity.
And the rate of building-permit authorizations tumbled 48.1 percent year-over-year in November and 15.6 percent compared to October.
Statistics in both categories marked a record low in nearly 50 years of government tracking.
Total housing starts hit an annual adjusted rate of 625,000 in November, with single-family starts at 441,000. Total building-permit authorizations fell to a rate of 616,000 in November, with 412,000 single-family permit authorizations.
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