Housing Starts Fall to January 1991 Level

Philadelphia Inquirer (08/20/08); Heavens, Alan J.
Reflecting efforts by the nation's builders to corral construction activity, July housing starts were down 11 percent from the previous month and off 29.6 percent from July of last year. Led by a 63.4-percent slump in building in the Northeast region, U.S. construction retreated to the lowest level seen since January 1991. Permit volume, meanwhile, slowed 17.7 percent from June and 32.4 percent from July 2007. According to National Association of Home Builders President Sandy Dunn, the moves by builders to curtail production will help balance out market supply and demand.