The housing sector continued to surge forward in September with a 15 percent improvement in housing starts and the number of permits for new construction rising by 11.6 percent, according to data released by the Census Bureau and the Department of Housing and Urban Development.
The results come on the heels of the Federal Reserve's Sept. 13 announcement that it was undertaking a third round of quantitative easing to buy $40 billion in mortgage-backed securities each month, so attributing the surge to the Fed's effort is arguable.
In a reminder of how far the housing industry fell before it started to improve, the Census Bureau reports that September's housing starts are 34.8 percent above a year ago. They are still 60 percent below the peak of July 2006.
But the improvement is no doubt welcome, as the U.S. struggles toward economic recovery. New residential construction creates jobs at the rate of three new jobs for each home constructed, according to some analyst estimates. Coupled with recent news about rising home prices and soaring builder confidence, there may be hope yet that the housing industry is taking a role in boosting the economy.
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Source: http://www.bankrate.com/financing/mortgages/surge-in-homebuilding/
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