Home construction increases 2.3 percent, possibly indicates turnaround
Seth Perlman, AP
Construction on new houses increased 2.3 percent in the month of August, possibly indicating a turning point in the housing market, according to Reuters.
In August, construction on 750,000 houses commenced, an improvement over the 733,000 houses that were started in July.
Not only is home builder confidence at it highest point in six years, but for the first time in seven years, house building is expected to contribute to the nation’s GDP.
Last week, in hopes of improving the economy, the Federal Reserve committed to buying $40 billion of mortgage-backed securities each month until unemployment statistics greatly improve.
New construction on single-family houses increased 5.5 percent, the greatest it’s been since April 2010, while multi-family home construction decreased 4.9 percent.
- Utah's first family of rodeo: Riding buckin'...
- Men and women: Understanding the wage gap is...
- Students hope to invent windows of the future
- From world-class soldier to world-class...
- Recruiting crisis? UHP, other agencies...
- How to avoid scams on Cyber Monday and Giving...
- David Sturt and Todd Nordstrom: Don't forget...
- Salt Lake chef wins round in 'Holiday Baking...
- Men and women: Understanding the wage... 20
- The new Thanksgiving tradition: A quick... 11
- Recruiting crisis? UHP, other agencies... 6
- Obama shops at Washington bookstore,... 5
- Clinton proposes $275 billion in new... 5
- How to avoid scams on Cyber Monday and... 4
- Utahns urged to shift spending during... 4
- In time for the holidays, S.L. Comic... 2