New housing starts rose to a near eight-year high as builders ramped up construction of single-family homes, suggesting that the economy was firing on almost all cylinders. The new Commerce Department report added to solid payrolls, retail sales and industrial output data in suggesting the economy got off to a strong start in the third quarter.The steady flow of upbeat economic reports has bolstered views that the Federal Reserve will raise interest rates in September. The Fed is likely to take further reassurance that housing is on an improving trend and this should add to the view that the economy is in more normal territory. » [read more]
Groundbreakings on new homes surged 26.6% and permits to build new homes rose 30% compared to one year ago. Housing starts and permits each reached eight-year highs, with both metrics rising on the strength of multi-family housing.
Housing starts stood at a seasonally adjusted, annual rate of 1.174 million. That’s 9.8% higher than the revised estimate of 1.069 million the month before, and significantly up from June 2014's rate of 927,000. » [read more]
Groundbreakings on new homes rose by a dramatic 20.2% and permitting hit a seven-year high. The numbers suggest that the ongoing inventory shortage holding back the housing recovery should ease in coming months.Housing starts stood at a seasonally adjusted, annual rate of 1.14 million last month. That pace is 9.2% higher than the rate of 1.04 million in April 2014. Numbers surpassed expectations of economists recently. » [read more]