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Winnipeg Free Press - PRINT EDITION
U.S. home construction making comeback
HOME construction in the United States is making a comeback that could invigorate the economy's still-weak recovery.
Builders last month started construction on single-family houses and apartments at the fastest rate in more than four years, the Commerce Department said Wednesday. And they laid plans to build homes at an even faster pace in coming months -- a signal of their confidence the housing rebound will last.
The pace of construction has grown steadily in the past year, and analysts expect it to keep rising. The increase has been fueled by record-low mortgage rates, more stable home prices and a shortage of previously occupied homes for sale.
More new homes could accelerate growth and help boost hiring, especially in areas such as construction, home improvement and retailing. More homeowners lead to more people buying home furnishings.
"I don't have that crystal ball, but I will say we're seeing the best sales we've seen in five years, and it sure feels good," Douglas Yearley, CEO of Toll Brothers Inc., said in an interview with The Associated Press. Toll builds luxury homes in 20 states.
The government's report Wednesday on home construction in September was filled with encouraging details.
Overall, the number of homes that were started increased 15 per cent from August to a seasonally adjusted annual rate of 872,000.
-- The Associated Press
Republished from the Winnipeg Free Press print edition October 18, 2012 B8
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