Construction and Real Estate Sections Summary Single-Family Residential: Home Sales Single-Family Residential: Construction Multifamily Residential Nonresidential

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Data Source U.S. Census Bureau

Data

Single-Family Permit Growth Enlarge Source: U.S. Census Bureau

According to U.S. Census Bureau data, declines in District single-family permit growth measured year-over-year continued to be noted; permits declined 46.2 percent in January. Florida permits declined 47.6 percent and have stabilized after declining sharply early in 2007 while outside of Florida permits declined 45.4 percent as permitting continued to slow.

Census Bureau data show that housing starts in the South Census region weakened further during February, declining 42.5 percent compared with a year earlier following a 31.8 percent decline in January.

According to our informal survey of District homebuilders, new home construction remained below year-earlier levels in February. The majority of contacts noted that construction declined significantly during February on a year-over-year basis. Slowing was notable among Georgia contacts. Most District builders reported that new home inventory levels were high and similar to a year earlier. Most builders indicated that construction will remain subdued over the next several months.