The Commerce Department’s U.S. Bureau of the Census today released data on new residential construction in September 2009. Permits declined 1.2 percent in September but have risen 15.1 percent since their low in April. Starts edged up 0.5 percent in September and have grown 23.2 percent above their low in April.
“The fact is we still have much work to do before we see a sustained economic recovery,” U.S. Commerce Secretary Gary Locke said. “Looking ahead, low mortgage rates, continued stimulus spending, and improved household income levels should help produce more robust growth in the housing market in the coming months.”
Source: U.S. Department of Commerce
