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.
The
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
June 2008."
Summing Up
While housing's cup by no means is running over, it's getting to be half full.
And the trend is favorable.
Thanks. Bob.
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