The Real Deal Miami

Housing starts decline nationwide

September 17, 2008 09:07AM

Construction of new homes declined nationwide in August to its lowest level in 17 years. Housing starts fell 6.2 percent to a seasonally adjusted annual rate of 895,000, its lowest since 798,000 in 1991, the Commerce Department said. Groundbreakings for new single-family homes and building permit issuance also fell. Building permits, a longer term measure of new home construction, fell 8.9 percent to 854,000 in August, its lowest since 853,000 in 1991.