The Commerce Department’s U.S. Census Bureau today released data on new residential construction in August 2010. Permits for new housing units rose 1.8 percent in August. The increase centered around multi-family permits. Analysts expected little change in total permits. Housing starts increased 10.5 percent to its highest level since April, well above private-sector expectations.
“Today’s data on housing activity is welcome positive news,” U.S. Commerce Secretary Gary Locke said. “We’re headed in the right direction, but we know that the housing market is tied directly to jobs and incomes. That’s why this administration will continue to pursue policies, such as the new business investment tax break, that will spur growth and help put more Americans back to work.” Release (PDF)
Source: U.S. Department of Commerce
