New Residential Construction Down in July, Commerce Dept. Reports

Privately owned housing starts were down 6.1 percent from the June 2007 estimate and down 20.9 percent from last July, according to a press release issued by the U.S. Commerce Department on August 16. The U.S. Census Bureau and Department of Housing and Urban Development estimate that privately owned housing starts in July were at a seasonally adjusted annual rate of 1.38 million units, compared with 1.47 million units in June, and 1.75 million in July 2006.

Single-family housing starts in July were at a rate of 1.07 million units, 7.3 percent below the June figure of 1.15 million units.

Privately owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1.37 million units, which is 2.8 percent below the revised June rate of 1.41 million and 22.6 percent below the revised July 2006 estimate of 1.77 million.

The Commerce Department also reports that privately owned housing completions in July were at a seasonally adjusted annual rate of 1.51 million-a .1-percent drop from the June estimate of 1.51 million and a 22.2-percent drop from the July 2006 rate of 1.94 million.

CLICK HERE for the full text of the Commerce Department press release.

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