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This is great news and should not be surprising. New construction is exploding all over the country, especially here in Atlanta. Commercial and residential developments continue to pop all over the city, especially high end custom homes.
Builders started on new homes at an annual rate of 750,000 in August, up 29.1% compared to a year ago. If sales keep growing, it may help end the economic doldrums.
By Les Christie @CNNMoney
The U.S. housing industry — crucial to any jobs recovery — showed more signs of strength, according to two reports issued Wednesday.
The Census Bureau said housing starts and permits rose substantially in August. Separately, sales of previously occupied homes climbed 7.8% from a year ago, according to the National Association of Realtors.
Builders started on new homes at an annual rate of 750,000, up 29.1% compared with a year earlier. They applied to build another 803,000 new homes on an annual basis, a 24.5% jump compared with August 2011.
Home builders have become increasingly bullish — a confidence index from the National Association of Home Builders reached its highest level since June 2006.