Home-Building Permits At Highest Level Since ’08

June 20, 2012

in News

Home-Building Permits At Highest Level Since '08

Builders appear to be getting more bullish on residential real estate: In May, they applied for permits to build new homes at the highest rate since September 2008, according to a government report. The increase in permits to an annual rate of 780,000 in the Census Bureau report mirrors a recent survey of builder confidence, which rose in June to its highest level since 2007, according to the National Association of Home Builders (NAHB). Actual housing starts, however, dropped 4.8% compared with April, although they did gain 28.5% compared with a year earlier. Despite the decline in starts, this is a very good report, according to Pat Newport, a housing market analyst with IHS Global Insight. “Permits are a key number,” he said. “It tells us that housing construction numbers will get better and that means more jobs.” [Read this article]

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