Home Construction At Slowest Pace In More Than A Decade
The pace of new home construction fell in July to its slowest rate in more than 10 years, the Boston Herald reported August 16, 2007.
The U.S. Commerce Department reported the data and said that construction of new homes and apartments dropped by 6.1 percent in July compared to June to an annual rate of 1.38 million units. The July 2007 pace was down 20.9 percent from July 2006 and represented the slowest construction pace since January 1997.
The National Association of Home Builders confidence survey fell to 22 in early August, the lowest point since January 1991, when the country was going through another severe downturn in housing.
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