Housing construction up 2.8 percent in January
US housing construction posted a better-than-expected increase in January,
which pushed activity to the highest level in six months. The solid gain
raised hopes that the construction industry is beginning to mount a
sustained rebound from its worst slump in decades.
The Commerce Department said Wednesday that construction of new homes and
apartments rose 2.8 percent last month.
Economists are hoping that housing is beginning to recover and a rebound in
this area will help support the economy as it struggles to mount a sustained
recovery from the deepest recession since the 1930s.
The strength in January pushed construction activity up by 21.1 percent from
the pace in January 2009. Last month’s building rate was the fastest pace
since July.
The National Association of Home Builders said builders were “slightly more
optimistic that the housing recovery is finally beginning to take root.”
Posted: 17 February 2010
Source: Florida Association of Realtors
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