Economy: Decline In Housing Production Accelerates In November
Starts and permits for new housing construction fell by double digits to new record lows in November, according to U.S. Commerce Department figures released Tuesday. Commerce reported an 18.9% decline in total housing starts to a seasonally adjusted annual rate of 625,000 units and a 15.6 percent decline in permit issuance to 616,000 units for the month.
“November’s report for new home production and permit issuance indicates not only that conditions aren’t improving in the housing market, but that the situation is getting worse and downward momentum seems to be building amid a deteriorating economy and mounting job losses,” said NAHB Chief Economist David Crowe. “What we’re looking at are dramatic declines to the lowest levels in home production that have been seen since the government started keeping track in 1959.
View the full press release here.
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