Source:
Providence Business NewsWASHINGTON – U.S. housing starts and building permits both declined last month to a 12-year low, lagging analyst expectations, according to a joint report issued today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Builders broke ground on new dwellings in August at a seasonally adjusted rate of 1.307 million units per year, a 2.6-percent decline from July’s revised annual rate of 1.367 million and a 19.1-percent decline from the revised August 2006 rate of 1.646 million.
The new rate was well below the 1.35 million median forecast from a Bloomberg News survey of 77 economists. (Their estimates ranged from 1.24 million units per year to 1.40 million.)
Building permits for privately-owned housing also fell, indicating the slump is likely to continue. Permits were issued in August at a rate of 1.307 million per year, a 5.9-percent decline from July’s revised rate of 1.389 million permits per year and a 24.5-percent decline from the August 2006 rate of 1.731 million.
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