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THE PRESIDENT HAS SEEN
THE CHAIRMAN OF THE
COUNCIL OF ECONOMIC ADVISERS
WASHINGTON
September 19, 1973
MEMORANDUM FOR THE PRESIDENT
Subject: August Housing Starts
Housing starts fell 6 percent from July to August
on a seasonally adjusted basis. The annual rate of
private starts in August -- 2,045,000 units -- was the
lowest since September 1971.
The housing decline SO far this summer is about in
line with our projections and has been of moderate pro-
portions. Our projections do not involve the annual rate
of starts falling below 1.8 million in any quarter of
1974. We believe the action announced in the Housing
Message, especially the commitments by the Federal Home
Loan Bank Board, will help to prevent starts from falling
below that level.
These data are for release September 19 at 2:00 p.m.
Herbert Stein
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"ocrText": "pHn\nTHE PRESIDENT HAS SEEN\nTHE CHAIRMAN OF THE\nCOUNCIL OF ECONOMIC ADVISERS\nWASHINGTON\nSeptember 19, 1973\nMEMORANDUM FOR THE PRESIDENT\nSubject: August Housing Starts\nHousing starts fell 6 percent from July to August\non a seasonally adjusted basis. The annual rate of\nprivate starts in August -- 2,045,000 units -- was the\nlowest since September 1971.\nThe housing decline SO far this summer is about in\nline with our projections and has been of moderate pro-\nportions. Our projections do not involve the annual rate\nof starts falling below 1.8 million in any quarter of\n1974. We believe the action announced in the Housing\nMessage, especially the commitments by the Federal Home\nLoan Bank Board, will help to prevent starts from falling\nbelow that level.\nThese data are for release September 19 at 2:00 p.m.\nHerbert Stein"
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