Housing Starts Drop To Lowest Level Since 1997

U.S. housing starts slid 14.3% in January to a seasonally adjusted 1.408 million units, marking the lowest level in over nine years, according to a government report Feb. 16. The steeper-than-expected slump in housing starts saw starts fall to their lowest level since August of 1997, the Commerce Department said.

The government data also showed that housing starts have fallen by a hefty 37.8% across the U.S. compared with January 2006.

Nationally, single-family housing starts slumped 11.2% in January to 1.108 million units.Starts fell the heaviest in the west U.S., which saw a 28.5% drop in housing starts, according to the report.

Copyright Agence France-Presse, 2007