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HOUSING STARTS UP 1.5 PERCENT IN NOVEMBER

 WASHINGTON, Dec. 16 /PRNewswire/ -- Construction of new homes rose 1.5 percent in November to a seasonally adjusted annual rate of 1,242,000, the Commerce Department reported today.
 "We are still on track to hit 1.2 million housing starts in 1992, up 18 percent from last year but still a weak recovery by historical standards," said Robert "Jay" Buchert, president of the National Association of Home Builders (NAHB).
 In 1983, the year following the 1981-82 recession, housing starts jumped 60 percent to 1.7 million units.
 Due to pent-up consumer demand resulting from the 1990-91 recession and the sluggish economic performance since then, along with the underlying need for affordable housing, the housing market is still operating well below capacity, according to Buchert.
 "The incoming Clinton administration needs to include housing as a major component of both its short-term and long-term economic strategy," said Buchert. "Given the appropriate tools, increasing new housing construction will put hundreds of thousands of people back to work and generate demand for billions of dollars of goods and services throughout the economy."
 Regionally, housing starts declined 4.8 percent in the Northeast and 8.6 percent in the Midwest. They were up 6.3 percent in the South and West.
 -0- 12/16/92 R
 /CONTACT: Jay Shackford of the National Association of Home Builders, 202-822-0406/


CO: National Association of Home Builders ST: District of Columbia IN: SU: ECO

MH -- DC012R -- 7838 12/16/92 15:47 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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