New home construction down 66 percent in Vermont

From the Rutland Herald, October 12:

MONTPELIER — The number of new homes under construction in Vermont fell sharply in the last year as credit markets constricted and a national economic downturn hit the Green Mountains.

Construction statistics reveal a sector-wide slowdown that, according to one expert, threatens the jobs of nearly 8,500 Vermont wage earners. And while Vermont has by all accounts remained comparatively insulated from the subprime lending and speculative over-building that depressed housing markets elsewhere in the country, activity here has, by some measures, fallen to levels unseen in nearly three decades.

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