New Housing Permits Decline

The Commerce Department’s U.S. Census Bureau released data on new residential construction in November 2010.  Permits for new housing units declined four percent in November, compared with private-sector expectations of a moderate 1.4 percent rise.  Housing starts increased 3.9 percent, below private-sector expectations of a 6.0 percent increase. However, with upward revisions to previous months, the level of housing starts in November exceeded expectations. “The housing market still has a long way to go on the path to recovery,” U.S. Commerce Secretary Gary Locke said. “The president’s bipartisan middle class tax cut package aimed at protecting middle class families, removing uncertainty for America’s businesses, and boosting our economy will help accelerate that recovery by increasing employment and incomes—key factors that help the housing industry grow.”

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