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STATEMENT FROM COMMERCE SECRETARY DONALD L. EVANS
ON TODAY’S INDUSTRIAL PRODUCTION AND HOUSING REPORT

WASHINGTON, DC – “America’s manufacturers have shown again that we have the most productive workers in the world. The Bush administration continues to work aggressively to give manufacturing workers the tools to succeed in the worldwide marketplace, open new markets for American products and grow the economy at home.

“There are other signs that our economy is moving in the right direction as homebuilders build new homes at the fastest rate in twenty years. The combination of low interest rates and strong consumer confidence have given more families a chance to own a piece of the American Dream.

“President Bush’s economic policies are working their way into the economy and they are creating optimism and confidence that is helping every American feel the benefits of our economic recovery.”

NOTE: Industrial Production Grew 0.4% In July
Manufacturing output, which accounts for nearly 85% of the overall index, posted a solid gain of 0.6%. The strongest area of production was again in business equipment where output rose 1.5%. Over the last 12-months, business equipment production has risen 10.8%. Capacity utilization rose to 77.1% in July from 76.9% in June.

Housing Starts Were Up 8.3% In July
Housing starts and building permits rebounded in July, retracing nearly all of their June declines. Housing starts remain near their highest levels in 20 years.