In another sign that the economy isn't out of the woods yet, housing starts fell 1% last month, to a seasonally adjusted annual rate of 581,000 in July, the Commerce Department reported today.
Last month's figures represent a 37% decline since July 2008.
Single-family housing starts were 1.7% below the June level. Single-family housing completions fell 3.3%.
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Building permits fell 1.8% from June's level, to a seasonally adjusted annual rate of 560,000. That's 39.4% below that of July 2008.
The Northeast, South, and West had month-to-month declines of 16.3%, 1.4%, and 1.6%, respectively and the Midwest had an increase of 12.9%.
Year-to-year housing starts declined in all regions: 58.6% in the Northeast, 25.5% in the Midwest, 36.7% in the South and 31.9% in the West.
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