Good news: Construction of new homes and apartments jumped 3.6% last month
According to the Department of Commerce’s U.S. Census Bureau permits to build privately-owned new housing units rose 8.7 percent in June 2009, well above the expectation for a 1.9-percent rise. Housing starts rose 3.6 percent, better than the expectation of no change for the month.
It was better than the 530,000-unit pace economists expected, and was the second straight monthly increase after April’s record low of 479,000 units.
These stronger numbers reflect an increasing confidence—the percent of households who recognize that this is a good time to buy a house has risen over the last year. They state, “While the economic environment remains challenging, continued Recovery Act investment into the economy should encourage growth in a range of industries including the housing sector.”
You can read the statement here. Or the Commerce Department’s “Economic News” here.
