Indicating continuing strength in the nation's housing market, homebuilders began work on new homes and apartments at a seasonally adjusted annual rate of 1.82 million units in August, a 3.8 percent decline from July's revised number, according to a U.S. Dept. of Commerce report released today. Building permits increased 4.8 percent to a 1.89 million-unit rate and the backlog of unused permits moved up to 179,200 units, according to the report.
Regionally, starts fell in all but the Midwest, where a 1.0 percent gain was reported. Wet weather in the Northeast likely contributed to a 23.3 percent decline, while the South and West posted 2.7 percent and 1.8 percent declines, respectively.
Posted by gandlwoods at September 18, 2003 05:28 PM