December 20, 2005
JS-3055

Statement of Secretary John W. Snow
On November Housing Starts

"News that the construction of new homes in the month of November was up 5.3 percent over October and 17.5 percent over last year is the latest indication that the American economy is growing at a steady pace, and that the benefits of that growth are touching more Americans every day.

"We can see now that 2005 will be a record year for housing starts, and with permits to build continuing to exceed starts, it appears as if residential construction will remain robust – and that's great news for American families.

"There was additional good economic news this morning that wholesale inflation fell in November by the largest amount in two and a half years, thanks largely to welcome relief in the area of energy prices. From record levels of home ownership to the creation of four and a half million new jobs, the economic news continues to paint a clear picture: that the opportunities created by lower taxes and sound monetary policy have helped the American economy grow and maintain its position as the envy of the world.

"Today more Americans than ever before can say `I'll be home for the holidays.'"