Builders Are Dramatically Limiting Starts Of New Homes
Builders continued to reduce the pace of new-home construction in March amidst ongoing erosion in the overall economy and credit markets, according to the latest figures released today by the U.S. Commerce Department. Total housing starts fell nearly 12 percent to a seasonally adjusted annual rate of 947,000 units for the month, while single-family starts fell 5.7 percent to a rate of 680,000 units.
U.S. Construction Spending Falls 0.3 Percent in February 2008
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during February 2008 was estimated at a seasonally adjusted annual rate of $1,121.6 billion, 0.3 percent (±1.3%)* below the revised January estimate of $1,124.8 billion. The February figure is 3.5 percent (±1.9%) below the February 2007 estimate of $1,162.2 billion.
During the first 2 months of this year, construction spending amounted to $155.1 billion, 2.6 percent (±1.9%) below the $159.3 billion for the same period in 2007.
PRIVATE CONSTRUCTION