New Housing Construction Rate Rises

U.S. Commerce Dept. reports new residential construction rose 4.7 percent in January.

Published February 18, 2005

 

According to a report by the U.S. Commerce Department, construction of new houses and apartments has risen to a two-decade high by increasing 4.7 percent in January, according to an Associated Press report in the Chicago Sun-Times.

 

In January, construction began on 2.16 million units, up from a rate of 2.06 million units in December.

 

The report on housing showed that construction of single-family homes rose 2.7 percent, while construction of apartments was up 14 percent.

 

According to the report, the increase surprised economists, who had predicted a slow construction season in light of winter storms in the East and rain in the West. Economists say low mortgage rates played a large role in bolstering the industry.
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