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US home building is hopeful indicator
Source: Agencies |
October 20, 2011, Thursday
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HOMES were built in September in the United States at the fastest pace in 17 months, a hopeful sign for the economy.
Most of the gain was driven by a surge in volatile apartment construction, which helps boost economic growth. But other data suggest a housing recovery is far off.
Single-family home construction, which represents nearly 70 percent of homes built, rose only slightly. And building permits, a gauge of future construction, fell to a five-month low.
"Certainly there is no overbuilding going on now, so the overall result is favorable," said Pierre Ellis, an analyst at Decision Economics. "But greater optimism would have been prompted if single-family starts had increased - suggesting that builders were seeing a better market ahead."
Builders began work in September on a seasonally adjusted 658,000 homes, the Commerce Department said yesterday. That's a 15 percent gain from August and the best pace since April 2010, when a federal home buyers' tax credit temporarily boosted construction.
Still, the level is roughly half the 1.2 million that economists say is consistent with healthy housing markets.
Single-family homes rose 1.7 percent. And building permits fell 5 percent.
Apartment building surged 53.4 percent to its highest level in three years, a sign builders are gaining access to hard-to-get loans, analysts said.
Most of the gain was driven by a surge in volatile apartment construction, which helps boost economic growth. But other data suggest a housing recovery is far off.
Single-family home construction, which represents nearly 70 percent of homes built, rose only slightly. And building permits, a gauge of future construction, fell to a five-month low.
"Certainly there is no overbuilding going on now, so the overall result is favorable," said Pierre Ellis, an analyst at Decision Economics. "But greater optimism would have been prompted if single-family starts had increased - suggesting that builders were seeing a better market ahead."
Builders began work in September on a seasonally adjusted 658,000 homes, the Commerce Department said yesterday. That's a 15 percent gain from August and the best pace since April 2010, when a federal home buyers' tax credit temporarily boosted construction.
Still, the level is roughly half the 1.2 million that economists say is consistent with healthy housing markets.
Single-family homes rose 1.7 percent. And building permits fell 5 percent.
Apartment building surged 53.4 percent to its highest level in three years, a sign builders are gaining access to hard-to-get loans, analysts said.
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