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Report: New-Home Construction Increasing

mooDespite high unemployment and general concerns of too much existing inventory, new-home construction appears to be rising.

According to Friday’s report from the U.S. Commerce Department, construction of new homes rose 3.6 percent in June compared to May. Building permits climbed 8.7 percent, and single-family home starts jumped 14.4 percent to 470,000, after rising 5.9 percent in May.

In real numbers, ground was broken for an estimated 58,300 houses nationwide in June, and an estimated 58,400 building permits were issued.

Here’s a look at housing starts in different U.S. regions:

  • Midwest: up 33.3 percent
  • Northeast: up 28.6 percent
  • South: down 1.4 percent
  • West: down 14.8 percent

Source: The Wall Street Journal, Jeff Bater (06/17/2009)

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