Housing is on the mend. That said, it's still a very long way below its peak of several years ago. Still it's good news for a recovering U.S. economy.
U.S. housing starts rise 0.8% in February has the breaking news:
"Construction on new U.S. homes nudged up 0.8% in February to a seasonally
adjusted annual rate of 917,000, with modest gains for single-family homes and
apartments, as longer-term trends also signaled a housing market that continues
to strengthen, according to data released Tuesday by the U.S. Department of
Commerce. . . .
Looking at less volatile longer-term trends, starts in February were up
28% from the same period in the prior year, but remain below a bubble peak of
almost 2.3 million in 2006.
Starts for single-family homes rose 0.5% in February
to a rate of 618,000, the highest level since June 2008. Meanwhile, starts for
structures with at least five units increased 0.7% to a rate of 285,000.
government also reported Tuesday that building permits, a sign of future demand,
rose 4.6% in February to a rate of 946,000, also hitting the highest rate since
While housing's cup by no means is running over, it's getting to be half full.
And the trend is favorable.