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Strength in Single-Family Sector Boosts Housing in August



RISMEDIA, September 21, 2012—

Nationwide housing production rose 2.3 percent to a seasonally adjusted annual rate of 750,000 units in August, according to newly released figures from HUD and the U.S. Census Bureau. This increase was fueled entirely by gains in the single-family sector, where the pace of new construction rose in every region for a combined 5.5 percent gain to 535,000 units.

"Builders across the country have been reporting noticeable improvement in the number of serious buyers who are in the market for a new home, and today's report shows that this is translating to some welcome gains in construction activity," says Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. "While there is still plenty of room for improvement, it's encouraging to see this continuing trend that is spurring much-needed job growth." For every 100 new single-family homes that are built, 300 new jobs are created, he notes.

"The pace of overall housing production has been edging gradually upward all year as consumers become more confident in their local housing markets, and the latest data are further evidence that the housing recovery is here to stay," adds NAHB Chief Economist David Crowe.

  • September 26 2012 - Sacramento
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