Home building up 7.2 percent in March
A construction worker begins work on building a new residential home in Springfield, Ill. Builders broke ground on more new homes in March, giving the weak housing market a slight boost at the start of the spring buying season. (April 18, 2011) Credit: AP
Builders broke ground on more new homes last month, giving the weak housing market a slight boost at the start of the spring buying season.
Home construction nationwide rose 7.2 percent in March from February to a seasonally adjusted 549,000 units, the Commerce Department said yesterday. Building permits, an indicator of future construction, rose 11.2 percent after hitting a five-decade low in February.
Still, the building pace is far below the 1.2 million units a year that economists consider healthy. And March's improvement came after construction fell in February to its second-lowest level on records dating back more than a half-century.
Millions of foreclosures have forced home prices down, and more foreclosures are expected this year.
Sarra Sounds Off Ep 36: Champs crowned in lax and flag football On the latest episode of "Sarra Sounds Off," Gregg talks with Michael Sicoli and Tess Ferguson about county champs crowned in boys and girls lacrosse, and Jared Valuzzi reports on the Long Island flag football championship.
Sarra Sounds Off Ep 36: Champs crowned in lax and flag football On the latest episode of "Sarra Sounds Off," Gregg talks with Michael Sicoli and Tess Ferguson about county champs crowned in boys and girls lacrosse, and Jared Valuzzi reports on the Long Island flag football championship.
