Wednesday, October 17, 2012

New Housing Permits Rise to 4 Year High

New-home construction in the U.S. surged in September to the highest level in four years, a sign the industry is on the road to recovery. Housing sta
rts overall have jumped 15 percent to an 872,000 annual rate last month.

It's the largest increase since July 2008 and surpasses all forecasts in a Bloomberg survey of economists, Commerce Department figures showed today in Washington. The median estimate of 81 economists surveyed by Bloomberg called for 770,000. An increase in building permits may mean the gains will be sustained.
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