News - National
Great news for the economy: home construction soars
Posted: Sep 21, 2010 6:50 AM by Bea Karnes, News First 5
Updated: Sep 21, 2010 6:51 AM
Finally some positive news for the economy--the Commerce Department says construction of new homes and apartments rose 10.5 percent in August from a month earlier to a seasonally adjusted annual rate of 598,000.
Construction was driven by a 32 percent monthly increase in the condominium and apartment market, a small portion of the market.
Single-family homes, which represent about 80 percent of the market, grew more than 4 percent. Building permit applications, a sign of future activity, grew by nearly 2 percent.
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