The government said Thursday that new-home construction plunged to an all-time low in December, capping the worst year for builders on records dating back to 1959.
The Commerce Department reported Thursday that construction of new homes and apartments fell 15.5 percent to an annual rate of 550,000 units last month from November.
Obviously, housing is about the most distressed of all economic sectors and remains in freefall. Although housing construction represents only a tiny sliver of the economy, I created this graph as a way to track when the housing bust finally reaches bottom.
Data: http://www.nahb.org/generic.aspx?genericContentID=45409
Topics: Economy
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