The Commerce Department’s U.S. Bureau of the Census today released data on new residential construction in August 2009. Permits rose 2.7 percent in August and have increased 16.3 percent from their low in April, after plummeting a total of 78.0 percent between September 2005 and April 2009. Starts have followed a similar pattern, increasing 1.5 percent in August.
“Housing permits and starts have risen substantially above their earlier lows this year,” U.S. Commerce Secretary Gary Locke said. “The upturn in housing activity and the recent gains in retail sales and industrial production demonstrate considerable progress toward recovery. More stimulus spending in the coming months should help spread growth to other sectors of the economy.”
Source: U.S. Department of Commerce
