10 of the World's Most Expensive Megaprojects
From the Top Down: Ending Sexual Harassment in the Construction Industry
Spending Up for the Month, Down for the Year
Friday Funny: "Raising the Roof"
Tracking Technology Helps Construction Companies Save Money, Improve Safety
What The ‘Tech’ Just Happened to Meetings?
Weekly Grind: The Future of Construction Technology Across the Country
Friday Funny: It's Just Ergonomics
By Paul Wiseman
July 19, 2016
WASHINGTON (AP) — Construction of new homes posted a solid increase in June, led by a surge of building in the Northeast and the West.
The Commerce Department said Tuesday that housing starts rose 4.8 percent to a seasonally adjusted annual rate of 1.19 million from a revised 1.14 million in May. The June reading was the highest level since February, but was down from 1.21 million a year earlier.
Construction of single-family homes rose 4.4 percent to 778,000.
Home construction jumped 46.3 percent in the Northeast and 17.4 percent in the West.
During the housing boom of the mid-2000s, housing starts sometimes ranged above a 1.7 million annual rate. In the bust that followed, they fell below 600,000. Over the past year, they have mostly stayed between 1.1 million and 1.2 million. Builders this year have been eager to put up more single family houses, a switch from recent years when they focused more on apartments.
Super-low mortgage rates and a growing job market have encouraged home buying. The average 30-year fixed-rate mortgage ticked up 3.42 percent last week, staying close to its all-time low of 3.31 percent in November 2012.
"This morning's report was quite upbeat," Neil Shankar, U.S. regional economist at TD Economics, wrote in a research note. "Continued job creation coupled with rising wages and low interest rates bodes well for a broader rebound in housing demand as well as consumer spending."
Builders completed work last month on nearly 1.15 million homes at a seasonally adjusted annual rate, highest since September 2008. Completions of apartments and condominiums — buildings with more than five residential units — reached 386,000, highest since February 1989.
Homebuilders remain confident about the outlook for the new-home market, according to a survey released Monday. The National Association of Home Builders/Wells Fargo builder sentiment index dipped to 59 this month from 60 in June. But readings above 50 indicate that more builders view sales conditions as good, rather than poor.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Napa County Looks at Local Hire Policy for Big Construction Projects
That master strategist Sun Tzu knew a thing or two about out-thinking the competition. Turns out his focus on strategy over strength can be applied to gaining an edge in the construction industry. ... Read More
If you're a construction worker, you're most likely working physical labor and it can get hot if you're working under the sun. Here's a guide for h... Read More
As an architectural statement, the campus is a monument both to Apple’s corporate success and centrality to the global tech culture. At 176 acres, ... Read More
August 8, 2016
"Some of the cool things that we're doing on job sites today are with Rovers and the alive platform. Alive is that software platform that glues to... Read More
The National Association of Women in Construction has a new executive vice president. This change marks a “brand new day and brand new way” for the... Read More
Every construction business owner can learn a lot from competitors. But merely copying them won't do. You will just always stay one step behind. So... Read More
We've selected eight women from all walks of life to ask them one common question: what advice would you give women who want to enter the construct... Read More