19 Jan '11, 3pm

US housing construction near 50-year lows | Brought to you by

WASHINGTON: Construction on new homes in the United States languished near their lowest levels in half a century last year, the Commerce Department said on Wednesday, in a bleak snapshot of the housing market. New housing starts across the United States stood at 587,000 in 2010, up slightly from the year before, but still at the second lowest level since 1959. "Housing starts are at extremely low levels and the outlook is not likely to improve any time soon due to high levels of inventories of unsold new homes," said economists at Briefing.com. "An uptrend in construction will require an improvement in employment and income, and then take some time as inventories need to be reduced." Building permits for new homes were also at their second lowest annual level in 2010, at 598,000. In 2009 new housing starts hit 554,000 and 583,000 permits were issued, the lowest levels on r...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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