New Home Construction Up

Published by: Kelly Curtis on 21st Sep 2010 | View all blogs by Kelly Curtis

The latest reports show that new home construction is on the rise and is hitting its highest level since August. The number of homes built surged more than ten percent to a seasonally adjusted annual rate of 598,000. Economists expected the rate of housing starts to hover around 550,000. The latest numbers are also up over two percent compared to a year ago.

Even new single-family home construction jumped four percent, while multi-family home construction (buildings with five or more dwellings) rocketed more than thirty percent.

Future construction permits are also up nearly two percent compared to the previous month, however, permits were still down around seven percent compared to 2009 numbers.

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