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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.ADNFCR-16001052-ID-800780618-ADNFCR