New construction rates on the rise
Posted on Tuesday, May 22, 2012 at 3:35:27 PM
The housing market is improving on multiple fronts. Not only are home sales up, but according to the U.S. Commerce Department, builders broke ground at a seasonally adjusted rate of 717,000 residential homes from March to April. This is a 2.6 percent increase from March’s final numbers, and it included both apartment buildings and single-family homes.
Signs such as these indicate a strengthening housing market. More potential homebuyers are turning in applications for home financing to capitalize on property prices, low interest mortgage rates and increased inventory.
Permits for single-family homes increased to just under 2 percent, demonstrating a healthy rate of construction that is on pace with a strengthening economy.
As builder and American confidence rises, new projects will commence, which will further improve the economy. Each new home built creates approximately three jobs a year and creates $90,000 to be divided between local, state and federal taxes, BusinessWeek reports.
Consider using home financing to build your dream home for the benefit of you and the economy.