Housing Starts Up 2.6% in April
by Kevin MatrasMay 16, 2012 | Comments : 6 Recommended this article: (0)
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Housing Starts gained 2.6% in April with 0.717 million units (annualized) vs. expectations for 0.690 million units and last month's upwardly revised 0.699 million units. This was a strong showing that puts Housing Starts up 29.9% from last year at this time.
Permits of 0.715 million units just missed expectations of 0.725, and were lower compared to last month's upwardly revised 0.769. But to put things into perspective, last month's reading was a 3 1/2 year high.
The strong Housing Starts number was bolstered by rising demand for multi-dwelling units. But single-family housing also put in a strong showing as well.
The takeaway from this report, which is supported by the upward trending reports that have preceded it, is that the housing market is recovering. Some may say recovering is too strong of a word. (Not me.) But it's stabilizing at the very least. And that's good news for the economy, as construction is on the rise, which means more new jobs, and all of the other economic activity that goes along with new household formations.
Do you think housing will continue to strengthen for the rest of the year? And how do you think that will impact the market?
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