Friday, April 20, 2012

Building Permits Hit 4 Year High

Building permits, a gauge of future construction, rose 4.5 percent to a seasonally adjusted annual rate of 747,000. That’s the highest level since September 2008.

U.S. builders started work on fewer homes in March, especially apartments. But builders requested the most permits for future projects in 3½ years, suggesting that many expect the housing market to improve over the next year.

Modular factory orders increasing

The Commerce Department said Tuesday that builders broke ground at a seasonally adjusted annual pace of 654,000 homes last month. That’s down 5.8 percent from February. Apartment construction, which can fluctuate sharply from month to month, fell nearly 20 percent. Single-family homebuilding was mostly unchanged.

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