Home building slows, permits hit 3-year high |
| Los Angeles Times - Apr 17, 2012 |
U.S. builders started work on fewer homes in March after they sharply cut back on apartment construction. But builders requested the most permits for future projects in 3 1 / 2 years, suggesting many anticipate the housing market could improve over the next year.
The Commerce Department said Tuesday that builders broke ground at a seasonally adjusted annual pace of 654,000 homes last month. That's down 5.8 percent from February. Apartment construction, which can fluctuate sharply from month to month, fell nearly 20 percent. Single-family homebuilding was mostly unchanged.
Building permits, a gauge of future construction, rose 4.5 percent to a seasonally adjusted annual rate of 747,000. That's the highest level since September 2008.
Jonathan Basile, director of economics at Credit Suisse, said the increase in permits is a "good sign for broader economic activity" and should lead to increase in construction in the coming months.
Read Full Article from Los Angeles Times
- Posted: 2012-04-17 09:20:57
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