Building materials production The Department of Commerce composite index (converted to 1935-39-100) of building materials production fell off 22 points in November (158.4) from the year's peak registered in October (180.5). November production as measured by the index was the lowest of any month since March 1947 with the exception of July which was slightly under the November figure. The November 1947 index of 158.4 compares with the index of 161.1 for November 1946. However, it should be noted that the composite index for the first 11 months of 1947 is 158.9 which is 10 percent higher than the corresponding index for the first 11 months of 1946. In fact, the index for the first 11 months of 1947 is higher than that for any full year ever recorded in this series which began in 1915. The index of lumber production dropped to 128.1 in November from 147.1 in October. The November lumber production was the lowest of any month since February 1947. The index of gypsum board production rose to 615.6 in November which was the highest month since January 1947. The index of gypsum lath production remained the same in November (277.5) as in October. The index of wire nail production dropped to 146.1 in November, almost 10 points under the October index. FHA operations Almost 24,000 new dwelling units were covered by applications for mortgage insurance submitted to the Federal Housing Administration in December, bringing the total for the year to 424,239. Title VI applications, with 37 percent of them for multifamily rental units, accounted for 89.3 percent of the units during 1947. The number of units applied for, more than tripled the 1946 total. The 24,000 units started under FHA first compliance inspection in December brought the year's total to 228,820, the biggest year in FHA history. These starts are equal to more than one-fourth of total private nonfarm starts estimated by the Bureau of Labor Statistics. The bulk of 1947 starts were under title VI. More than 16,000 new dwelling units were involved in mortgage insurance written during December, the total for the year reaching almost 118,000 or almost five times the 1946 figure. Dollar value of mortgage insurance written on new and existing structures during 1947 grossed $1,253,000,000 and net proceeds of loans insured under title I totalled $534,000,000 to establish new records. (Housing and Home Finance Agency, Office of the Administrator, Washington 25, D. C., February 5, 1948.) TABLE 109.-Housing statistical summary [Dollar amounts in thousands. All index numbers unadjusted, 1935-39-100] 11. Number new dwelling units in mortgage insurance written, total. (2) Sec. 608, rental housing projects. (a) Title II operations, sec. 203. (b) Title VI VEHP operations. (1) Sec. 603, 1- to 4-family homes. (2) Sec. 608, rental housing projects.. (c) Title VI war housing operations... 12. Title I, property improvement loans, amount of net proceeds. (a) Title II, home and rental housing mortgage loan insurance, (b) Title VI, war and veterans' home and rental housing mort- 162,000 1 61,600 1 $969,000 Cumulative -22.5 -22.1 854, 600 851,000 i 400 -55.6 3,600 89, 100 +3.2 834,500 1 89, 100 +3.5 833,300 -3.2 $9,873,000 TABLE 109.-Housing statistical summary-Continued [Dollar amounts in thousands. All index unmbers unadjusted, 1935-39=100] Includes 1,423 units which have not been built (preconstruction) in 8 rural projects which now have 501 units under active management. Percent change computed from September 1947 figures since November 1947 figures are not available. Source: Housing and Home Finance Agency, January 1948. |