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New Home Construction Rises
Thursday, May 28, 2015 6:25 AM

New-home construction is on the upswing: Housing starts climbed last month to the highest level in nearly seven and a half years, and building permits for future construction also reached a seven-year high, the Commerce Department reported.

Nationwide housing starts rose 20.2 percent to a seasonally adjusted annual pace of 1.14 million units in April. That marks the highest level of housing production since November 2007 and the largest month-over-month increase since February 1991.

Housing starts for single-family homes, which make up the largest share of the market, rose to its highest level since January 2008, gaining nearly 17 percent month-over-month. Groundbreaking for the multifamily sector also had sizable gains, rising 27.2 percent last month. Housing permits, a sign of future home construction, rose to a near seven-year high at a 1.14 million unit rate.

Household formation is getting a boost as young adults find employment and move out on their own, housing analysts note.

Source:  Realtor Magazine, 20 May 2015