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Housing market in US scents recovery
Source: Agencies |
July 19, 2012, Thursday
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UNITED States builders broke ground on the most new homes and apartments in nearly four years last month, the latest evidence of a slow housing recovery.
The US Commerce Department yesterday said housing starts rose 6.9 percent in June from May to a seasonally adjusted annual rate of 760,000. That's the highest since October 2008.
Despite the gains, the level of housing starts and permits are roughly half what economists consider healthy.
Still, the beleaguered housing market is showing modest gains while the rest of the economy has weakened.
Single-family housing starts rose for the fourth straight month to a two-year high. Apartment starts, which can be volatile, increased after falling in May.
The number of permits to build homes, a sign of future construction, fell 3.7 percent to 755,000. But that's down from May's three-and-a-half-year high. Permits for single-family homes edged up to the highest level since March 2010.
Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about US$90,000 in taxes, according to data.
The US Commerce Department yesterday said housing starts rose 6.9 percent in June from May to a seasonally adjusted annual rate of 760,000. That's the highest since October 2008.
Despite the gains, the level of housing starts and permits are roughly half what economists consider healthy.
Still, the beleaguered housing market is showing modest gains while the rest of the economy has weakened.
Single-family housing starts rose for the fourth straight month to a two-year high. Apartment starts, which can be volatile, increased after falling in May.
The number of permits to build homes, a sign of future construction, fell 3.7 percent to 755,000. But that's down from May's three-and-a-half-year high. Permits for single-family homes edged up to the highest level since March 2010.
Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about US$90,000 in taxes, according to data.
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