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Last Update: 16-Feb-12 10:45 ET
Jump in Housing Starts Shows Clear Road to Recovery
Housing starts increased from an upwardly revised 689,000 in December (from 657,000) to 699,000 in January. The Briefing.com consensus pegged housing starts at 671,000.
Even though single-family starts fell from 513,000 in December to 508,000 in January, that came after the December levels were revised up by 43,000. At the same time, multifamily construction increased to 191,000 from 176,000.
The three-month moving average reached 697,000. That is the highest level since November 2008.
The number of units under construction increased to 438,000 from 433,000. The increase in production suggests that builders expect demand to pick up and to outpace current supply.
Altogether, the housing data were extremely solid and now show clear evidence that the housing market is finally on a steady, upward trend.
Even though single-family starts fell from 513,000 in December to 508,000 in January, that came after the December levels were revised up by 43,000. At the same time, multifamily construction increased to 191,000 from 176,000.
The three-month moving average reached 697,000. That is the highest level since November 2008.
The number of units under construction increased to 438,000 from 433,000. The increase in production suggests that builders expect demand to pick up and to outpace current supply.
Altogether, the housing data were extremely solid and now show clear evidence that the housing market is finally on a steady, upward trend.
