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Industry News & Markets |
Record Housing Action In US |
 While the New Zealand housing scene continues to hold its
breath over the fall-out from its leaky building crisis, in the US the news is all good.
House construction in September soared 13.3% to the highest level in 16 years, according
to Associated Press. The huge increase reported by the Commerce Department last week
propelled the number of housing units that builders started in September to a seasonally
adjusted annual rate of 1.84 million. That represented the highest level since June 1986
and came after housing construction fell 1.5% in August, a drop that had made some
economists question whether the housing market ！ a key pillar
for the economy ！ might be cracking. Low mortgage rates have
been keeping the housing market solid, even as other segments of the economy, particularly
manufacturing, struggle to regain a firm footing. The AP report says home sales are
expected to hit record highs this year. The strength in the US housing figures for
September came from construction of new single-family homes, which skyrocketed 18.2% to a
seasonally adjusted annual rate of 1.48 million, the highest level since November 1978.
Work on apartments and other multifamily housing units dropped 4.4% to a rate of 329,000
in SeptemberSource:NZFORESTY |
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