New residential construction starts are falling, according to a report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Building permits for privately owned housing units fell 8.3 percent from this past August’s rate, and 38.4 percent from the September 2007 rate. Privately owned housing starts also fell 6.3 percent from the August rate, and 31.1 percent from September 2007.
Completions of privately owned houses fell 11.7 percent in September from the previous month’s rate, and is down 20.4 percent from 1,378,000 completed new homes in September of 2007. New residential construction data for October will be released on November 19. For more information visit www.census.gov/newresconst.