Business

Winnipeg Free Press - PRINT EDITION

U.S. home construction making comeback

By: Staff Writer

Posted: 10/18/2012 1:00 AM | Comments: 0

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

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories? Please use the form below and let us know.

* Required

In which story did you find the error? *
Please post the headline of the story or the title of the video with the error.
What was the error? *
Please post exactly what was wrong with the story.
What should we have written?
Please indicate your source for the correct information.
Who else should we interview to improve this story?
Please include any contact information you may have.
Can we contact you in the future for advice on stories about this topic?
Yes

No
First Name: *
Last Name: *
E–mail Address: *
This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.
Phone: *
This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.
Colour:
Are you blue? If you can see this, leave it blank and get some CSS support.
Enter the words that you see: * This is to prevent our forms from being filled out automatically.
You have failed to correctly identify the words in the box above. Please try again.

More Business

Undock

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.