Today's Release of New Residential Construction

Housing starts in July 2007 were 1,381,000, down 6.1% from June and down 20.9% from July 2006. Permits were 1,373,000, down 2.8% from the previous month and down 22.6% from the previous year.

This information is sent to you free from http://www.economicindicators.gov. Check out other demographic and economic data from the Census Bureau http://www.census.gov and the Bureau of Economic Analysis http://www.bea.gov. For more in-depth economic data compiled from government and private sources, please go to http://www.stat-usa.org.

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US new housing starts fall to ten year low on day of sharp stock losses across globe Aug 16, 2007, 17:26

The US Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for July 2007 today. Housing starts fell by 6.1 percent to a seasonally adjusted 1.381 million annual rate – the lowest rate in 10 years as sales keep tumbling and credit tightens.

Meanwhile, the Labor Department said jobless claims were up 6,000 to 322,000 on a seasonally adjusted basis in the week ended Aug. 11.

America's top home loan lender Countrywide Financial Corporation announced today that it has supplemented its funding liquidity position by drawing on an $11.5 billion emergency credit facility, provided by 40 banks.

In New York, by noon today, the S&P 500 had dropped 16.38, or 1.2 percent, to 1,390.32 bringing its fall to 2 percent for 2007. The Dow Jones Industrial Average decreased 164.13, or 1.3 percent, to 12,697.34, leaving the 30-stock index with a 1.9 percent gain for the year. The Nasdaq Composite Index lost 30.35, or 1.2 percent, to 2,428.48.

Following big losses in Asia earlier, every Western European market that was open today, closed down with the Dow Jones 600 losing 3.56 percent. For all market benchmarks, check here.

BUILDING PERMITS

Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,373,000.

This is 2.8 percent (±1.3%) below the revised June rate of 1,413,000 and is 22.6 percent below the revised July 2006 estimate of 1,774,000.

Single-family authorizations in July were at a rate of 1,003,000; this is 1.6 percent below the June figure of 1,019,000.

Authorizations of units in buildings with five units or more were at a rate of 314,000 in July.

HOUSING STARTS

Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,381,000. This is 6.1 percent below the revised June estimate of 1,470,000 and is 20.9 percent below the revised July 2006 rate of 1,746,000.

Single-family housing starts in July were at a rate of 1,070,000; this is 7.3 percent below the June figure of 1,154,000. The July rate for units in buildings with five units or more was 275,000.

HOUSING COMPLETIONS

Privately-owned housing completions in July were at a seasonally adjusted annual rate of 1,512,000. This is 0.1 percent below the revised June estimate of 1,513,000 and is 22.2 percent below the revised July 2006 rate of 1,944,000.

Single-family housing completions in July were at a rate of 1,203,000; this is 4.0 percent below the June figure of 1,253,000. The July rate for units in buildings with five units or more was 280,000.