US Home Construction Up 6.8 Pct. In May; Permits For More Single-Family Homes Hit 5-Year High

[Purveyor]

Source: Associated Press

WASHINGTON — U.S. builders stepped up home construction in May and applied for permits to build single-family homes at the fastest pace in five years. The gains show housing remains a key source of growth for the economy.

The overall pace of homes started rose 6.8 percent last month to a seasonally adjusted annual rate of 914,000, the Commerce Department said Tuesday. That offset part of the 14.8 percent decline in April. May's rate is still below March's pace of more than 1 million — the fastest in five years.

Construction increased in May for both single-family homes and apartments and condos.

And builders sought more permits to build single-family homes, which make up nearly two-third of the market. The seasonally adjusted annual rate rose 1.3 percent to 622,000 — the highest since May 2008. That's a sign that construction will increase further in the coming months.

Read more: http://www.dailyjournal.net/view/story/f532e1e7b7664a59a648fa155e44172f/US--Housing-Starts/

[heaven05]

1. great

yet, property value is still in the cellar.

[theaocp]

2. It's a good thing

that there aren't any homes that need to be occupied or fixed. Buy new! It's the American way!