It Lags Because of Tight Money
THE roof has fallen in on the American building industry," said William Levitt, one of the nation's largest builders, as he surveyed the plight of the U.S. homebuilding industry last week. Though his pessimism was exaggerated, Levitt and his fellow builders had some reason for concern. The U.S. Department of Labor announced that housing starts in February fell to a seasonally adjusted annual rate of 910,000 units, the lowest point in five years. Housing and Home Finance Administrator Albert M. Cole held to his prediction that at least 1,100,000 new housing starts will be made...