New Home Starts Rebound in July after Dip this Spring
The national housing market got some good news this week that suggests a strong finish to the year. As Bloomberg reports, new home starts were up 0.9 percent nationwide in July after a modest slump, with single-family homes taking the lead over multi-family dwellings. While still slightly below forecasts, the numbers indicate a rebound, thanks to lower taxes and a stronger labor market, among other factors.
In addition, the report says there are another 175,000 new home plans that have received authorization but haven’t yet started—the most in a month since February 2008. This figure indicates a strong construction market for the next several months. Despite the recent slump of the past couple of months, KRMG reports that housing starts are still up 6.2 percent for the year overall.
More Growth in the South
According to the government reports, the South is showing the best signs of growth, with permits for new single-family homes at their highest since before the recession—largely credited to more affordable housing markets. Tulsa’s construction market remains robust as land is plenteous and people can generally get more home for the money here than in parts of the Midwest and Northeast.
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