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.
- Yellen faces GOP criticism over weak economic...
- How the UK could remain in the EU even if it...
- US new-home sales tumbled in May after a...
- Markets reel as world absorbs shock of UK...
- Asian stocks mixed as markets await Brexit...
- How the Brexit could affect U.S. businesses...
- Costco begins new credit card agreement
- Photos: Ancestry opens new headquarters in Lehi
- Trial ordered for politician accused of... 7
- What Costco shoppers should know about... 5
- Costco begins new credit card agreement 4
- Emery County defrauded out of nearly... 4
- GOP gubernatorial candidate Jonathan... 4
- Yellen faces GOP criticism over weak... 3
- Delta pilots picket for better pay in... 3
- How the Brexit could affect U.S.... 2