Hello to all Kogan Builders Blog Followers!
Here is some more encouraging news as it relates to the National housing market and new construction for single-family homes. I clipped this information from an article on builderonline.com titled “Single-Family Construction Spending Grows For First Time in 40 Months”, enjoy.
For the first time in more than three years, spending for single-family construction grew in June on a monthly basis, increasing 2.4% compared to May. This translates into a seasonally adjusted level of $93.5 billion, which is 51.1% below June 2008’s level, according to figures released Monday by the U.S. Census Bureau.
It represents the first increase in this category in 40 months, according to Patrick Newport, U.S. economist of IHS Global Insight, who predicts single-family construction will continue to grow in the months to come.
Overall, construction spending increased slightly in June, rising 0.3% to a seasonally adjusted level of $965.7 billion compared to May. Those June figures stand 10.2% below the same month one year ago.