Columbia South Carolina Real Estate News: New construction housing bouncing back?
According to MarketWatch, a subsidiary of the Wall Street Journal, U.S. housing starts bounced back with a vengeance in May, rising 17.2% to a seasonally adjusted annual rate of 532,000 after plunging 12.9% in April to a postwar low, the Commerce Department estimated Tuesday. This was a surprising increase. It was led by a 62% gain in new construction of multifamily dwellings such as apartment complexes. But never fear, starts of single-family homes also rose 7.5% to a 401,000 rate, which was the highest since November of 2008. Economists surveyed by MarketWatch expected an increase to 485,000. Building permits rose 4% in May to a seasonally adjusted annual rate of 518,000. Permits for single-family homes rose 7.9% to a 408,000 annual rate, the highest since November 2008 as well. This boweds well for further increases in new construction home building.
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Source material: MarketWatch.com