U.S. One-Family Home Building in Worst Year: Chart of the Day
This article is for subscribers only.
More than two years after the U.S. recession ended in June 2009, construction of single-family homes is heading for its worst year on record.
The CHART OF THE DAY shows that while total housing starts bottomed in 2009, construction of one-family houses will probably post a new low this year at around 419,100, about 11 percent less than in 2010, according to Bloomberg News calculations. The building industry is being propped up by a projected 45 percent jump in work on multifamily units as more homeowners who lose their homes to foreclosure become renters.