Further demonstrating the obvious weakening trend of the Popularly reported as showing a 2.5% decline in housing starts from last months revised figure, the report, if viewed more thoroughly, displays many, far more significant declines.
Although housing starts have declined considerably, especially regionally in the Northeast and the West, more significantly are the declines in building permits which represent the most leading of all the indicators the report tracks.
Here are the statistics outlined in today’s report:
Housing Permits
Nationally
- Single family housing permits down 6.1% from June, down 23.5% as compared to July 2005
Regionally
- For the Northeast, single family housing permits down 2.9% from June, down 26.1% as compared to July 2005.
- For the West, single family housing permits down 14.7% from June, down 33.5% as compared to July 2005.
- For the
- For the South, single family housing permits down 3.3% from June, down 17.0% compared to July 2005.
Housing Starts
Nationally
- Single family housing starts down 2.3% from June, down 16.6% as compared to July 2005.
Regionally
- For the Northeast, single family housing starts down 12.2% from June, down 23.6% as compared to July 2005.
- For the West, single family housing starts down 9.5% from June, down 25.8% as compared to July 2005.
- For the
- For the South, single family housing starts down 0.5% from June, down 9.1% as compared to July 2005.
Keep in mind that this particular report does NOT factor in the cancellations that have been widely reported to be occurring in new construction.
