US Housing Construction Activity Continued Declining in November 2009
US housing construction activity (in terms of number of units) continued declining in November 2009, according to recently released data by the US Census Bureau.
In particular, the seasonally adjusted annual rate of US housing units under construction decreased to 540,000 in November 2009, representing a 3.2% drop compared to the annual rate of 558,000 units under construction in October.
Trends in US housing construction activity varied across structure types. In particular, single-family units under construction posted a monthly decrease of 1.6%, while multifamily units under construction posted a larger monthly drop of 5.5%.
On a yearly basis, US housing construction activity was down by 26.9% in the single-family segment and by 45.2% in the multifamily segment. The graph below presents monthly US housing construction activity for the period November 2008-November 2009.
US Housing Construction Activity November 2008-November 2009
Sources: US Census Bureau, www.Property-Investing.Org
