Thomson Financial News - The tightening of monetary policy has continued to take a significant toll on the residential building industry. Higher interest rates are likely to continue to delay any potential recovery in dwelling construction, further exacerbating the supply/demand imbalance in the residential market. The seasonally adjusted annualized 'completions' rate continues to trend downward to just over 145,000, well below the national 2008 underlying dwelling construction requirement of 180,000.