LAS VEGAS — Indicating that housing provided substantial support to the United States economy in 2002, the U.S. Department of Commerce reported that builders finished the year with a total of 1.7 million units. This is the largest housing production figure in 16 years and includes the largest number of single-family homes built in 24 years. As a positive sign for building activity in 2003, housing permits issued in 2002 reached the highest level since 1986.
"Home building finished 2002 with a bang," stated Gary Garczynski, president of the National Association of Home Builders (NAHB), during opening ceremonies at the International Builders' Show in Las Vegas. "Government numbers on housing starts and permits in December are remarkably strong across the board — even better than we had expected."