Housing starts, the number of new residential homes being built and permitted, were just released by the U.S. Commerce Department for March. While the numbers reflect a rebound, from February’s decline for residential construction, the bounce may not signal recovery. Here’s what the numbers showed:
* Housing starts rebounded 7.2% to a seasonally adjusted annual rate of 549,000 from 512,000 in February. That was a little bit better than the consensus forecast of 520,000. Building permit issuance gained even more — 11.2% to a 594,000 SAAR from 534,000 in February.
* By property type, single family starts gained 7.7% while multifamily construction rose 5.8%. Single family permit issuance rose 5.7% while multifamily permitting spiked 25.2%.
* Regionally, starts rose in most of the country. They gained 5.4% in the Northeast, 27.6% in the West, and 32.3% in the Midwest. Starts fell 3.3% in the South. As for permits, the story was similar. Permit issuance was unchanged in the Northeast, but up 6.3% in the South, 6.9% in the Midwest, and 37.1% in the West.
No doubt, the housing market tried to pick itself up off the mat in March. Starts and permits both bounced after a dismal performance in February, with relatively widespread regional gains. But this tired old boxer isn’t going to get back in the ring for a title bout anytime soon. Tougher mortgage qualification standards, competition from cheap "used" houses and condos, and the anemic economic rebound are all continuing to pressure new home builders. So it’s more than likely that will keep a lid on construction and permitting activity inhibiting recovery for the foreseeable future.
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I totally agree with you but there is a solution for investors to stop losing money by supporting the http://unitedinprosperity.org petition.
Why do people who quote stats frequency leave out the northwest? I live there. I want to know what’s going on in the northwest as well as the rest of the country. Please include it in your future reporting. Thanks.
Forget about housing. Let us know when American kids top the list in math and science and produce consumer goods of competitive quality at competitive prices that the rest of the world can buy.
That is the only way to get out of debt and as long as that does not happen, there will be no economic recovery.
RE: Dave in LV COMMENTS ABOUT MATH & SCIENCE AMERICAN STUDENTS
I am a Math, Science and English teacher, and fully agree with Dave in LV who posted on “MONEY & MARKETS,”
“Let us know when American kids top the list in math and science and produce consumer goods of competitive quality at competitive prices that the rest of the world can buy.
That is the only way to get out of debt and as long as that does not happen, there will be no economic recovery.”
I have one question: What about this and the fact that China, Korea, Japan, and the rest of Asia, DOESN’T OUR GOVERNMENT UNDERSTAND about the “CAUSE & EFFECT” of education?
Conclusion: After 70 long years, “LET’S GET BACK TO WORK, AMERICA” or there really won’t be much America left. We will all be Chinese citizens very soon!
“Ni haw ma?”
MATSUMOTOSENSEI
born, raised and educated in America
RE: matsumotosensei comment …
Guess that China, Korea, Japan and the rest of Asia have a better teachers union!
Marv