New home construction picking up


saint-louis-realtor-dennis-normanThere is some life coming back to the new home industry as we are seeing increases in new home construction activity.  On the national level, the U.S. Census Bureau reported today that building permits for new homes were up over 19 percent in August from a year ago, new home starts were up over 26 percent from a year ago and new home completions up a little over 2 percent from a year ago.  Here in the Midwest region, as the chart below which depicts new home starts in the Midwest from January 2006 through July 2012 shows, it definitely appears new home construction has hit bottom, has leveled off and is now trending upward slowly.  It’s going to be a long, slow recovery for the new home industry, but at least, for now, it appears things are headed the right direction.




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