Housing completions fell 14.2 percent in December, the Commerce Department said today. December completions, a seasonally adjusted annual rate of 991,000, is the lowest monthly rate since September 1982.
For all of 1991, 1,087,700 homes were completed, down 16.8 percent from the 1,308,000 homes completed in 1990. Last year represents the weakest annual performance since 1,005,500 homes were completed in 1982, the agency said.
The agency said that the annual rate of 140,000 completions in structures with five units or more is the lowest since such data was recorded in 1968.
An estimated 91,800 units were actually completed in December. The number of units under construction at the end of December was estimated at 644,000, up 1.4 percent from November.