New Housing Permits Down 41 Percent

16 04 2008

The construction of new housing continued to slow around the nation in March with permits falling by 41 percent.

According to the U.S. Census Bureau, 927,000 permits were issued for privately-owned homes, down from about 1.6 million during the same period last year. The South accounted for 501,000 of those permits, down 33 percent from 753,000 in March 2007.

Housing starts were also down around the nation and in the South. The 947,000 privately-owned houses that started construction in the U.S. in March were 36.5 percent down from about 1.5 million filed in March 2007, and the 499 started in the South were down 35 percent from the 765 started a year earlier.

Lastly, privately-owned housing completions were down 24.5 percent in the U.S. from about 1.6 million in March 2007 to 1.2 million. In the South completions were also down 24.5 percent from 828 in March 2007 to 625 in March 2008.

Source: U.S. Census Bureau


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