Uploaded by FinancialNewsOnline on Nov 17, 2011
The Commerce Department reported today U.S. builders started slightly fewer homes in October with rising construction of apartments.
The seasonally adjusted annual rate for housing starts dipped a slight 0.3% to 628,000 last month, roughly half of the 1.2 million economists say indicates a healthy housing market.
But building permits rose by 11% due to a 30% increase in apartment permits, its highest level in three years. This is due to laid-off Americans who are opting to rent rather than buy.
After previous recessions, housing accounted for at least 15% of economic growth in the United States. Since the recession officially ended in June 2009, it has contributed just 4%.
The seasonally adjusted annual rate for housing starts dipped a slight 0.3% to 628,000 last month, roughly half of the 1.2 million economists say indicates a healthy housing market.
But building permits rose by 11% due to a 30% increase in apartment permits, its highest level in three years. This is due to laid-off Americans who are opting to rent rather than buy.
After previous recessions, housing accounted for at least 15% of economic growth in the United States. Since the recession officially ended in June 2009, it has contributed just 4%.
No comments:
Post a Comment