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Single-family homes raise housing construction
By Alan Zibel |
October 20, 2010, Wednesday
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Print Edition
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HOME construction in the US rose slightly last month on the strength of single-family homes, but the market was still too weak to propel growth in the battered industry.
Construction of new homes and apartments rose 0.3 percent in September from a month earlier to a seasonally adjusted annual rate of 610,000, the US Commerce Department said yesterday. August's figure was revised upward to an annual rate of 608,000 from an earlier estimate of 598,000.
Construction was driven by a 4.4 percent monthly increase in single-family homes, which are about 80 percent of the market. Construction of condominiums and apartments fell by 10 percent.
The number of building permits issued to build new homes, a sign of future activity, fell 5.6 percent from a month earlier to a seasonally adjusted annual rate of 539,000. That drop, however, was driven by a 20 percent fall in those for condominiums and apartments. Permits for single-family homes rose 0.5 percent.
High unemployment, slow job growth and tight credit have kept people from buying homes. The housing market suffered its worst summer in more than 10 years.
Construction of new homes and apartments rose 0.3 percent in September from a month earlier to a seasonally adjusted annual rate of 610,000, the US Commerce Department said yesterday. August's figure was revised upward to an annual rate of 608,000 from an earlier estimate of 598,000.
Construction was driven by a 4.4 percent monthly increase in single-family homes, which are about 80 percent of the market. Construction of condominiums and apartments fell by 10 percent.
The number of building permits issued to build new homes, a sign of future activity, fell 5.6 percent from a month earlier to a seasonally adjusted annual rate of 539,000. That drop, however, was driven by a 20 percent fall in those for condominiums and apartments. Permits for single-family homes rose 0.5 percent.
High unemployment, slow job growth and tight credit have kept people from buying homes. The housing market suffered its worst summer in more than 10 years.
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