Construction Up Along With Builder Confidence

Construction of new homes rose to an annual rate of 591,000 in January, up 2.8 percent from December when the revised rate was 575,000, the Commerce Department announced Wednesday.

Meanwhile, the monthly home builder confidence scale rose two points in February to 17.

The National Association of Home Builders Chair Bob Jones said, “Builders are slightly more optimistic that the housing recovery is finally beginning to take root.”

Builder confidence was highest in the Northeast and the South, weaker in the West and lowest in the Midwest.

Source: The Wall Street Journal, Meena Thiruvengadam (02/16/2010) and CNN, Blake Ellis (02/17/2010)

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