In the month of June, new-home construction reached its fastest pace of growth since October of 2008.
According to the U.S. Census Bureau, housing starts increased 6.9 percent in June and 23.6 percent on year-over-year. The seasonally adjusted annual rate improved to 760,000 units.
Barry Rutenberg, chairman of the National Association of Home Builders, noted increased construction will not only help the housing market, it will put more construction crews back to work across the United States.
Meanwhile, another head with the NAHB stated the improvements in homebuilding could become a trend for the rest of 2012.
"This is one more piece of evidence that housing is starting to take back its traditional role of leading the nation out of recession, and tracks with our forecast for continued improvement in new construction through the end of this year," said NAHB Chief Economist David Crowe.
Even though construction jumped in June, building permits did not follow suit, as they fell to a seasonally adjusted annual rate of 755,000, a 3.7 percent decrease from May.
Housing completions hit a seasonally adjusted rate of 622,000, though, which was 2.6 percent above the May estimate of 606,000 and 7.2 percent ahead of June 2011.?
This entry was posted on Tuesday, July 24th, 2012 at 4:58 am and is filed under The Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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