Construction of single-family homes began to increase modestly in January after inundations damages at the end of last year. But the reconstruction of the ruined apartments kept builders working hardly.
According to newspapers, the Commerce Department said Thursday that builders broke ground on a seasonally adjusted annual rate of 699,000 homes in January. Construction began work on 508,000 single-family homes last month, a 1 percent drop from December and the first decline in four months.
The single-family homes were reconstructed successfully to show builders started 513,000 homes. That’s up from the initial estimate of 470,000, a difference of 9 percent.
“The new home sales numbers have not yet responded but builders seem confident that if they build, buyers will come” said Ian Shepherdson, chief U.S. economist at High Frequency Economics.No tags for this post.