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article imageHome building in the US increases

By Jane Fazackarley     Mar 17, 2009 in Business
The number of new homes being built in the United States have increased by nearly a quarter this February according to new figures released.
The building of new homes and apartments went up by 583,000. In the previous month,the figures had gone down to 477,000. This was the lowest rates of new builds for around 50 years.
The figures have come as a pleasant surprise to experts who were expecting figures to continue their downward trend. It wasn't all good news though,even taking into account February's increase, new house builds are still at around half of what they were a year ago.
The US housing market was one of the contributing causes of the economical downturn that we are now in and a few experts are of the opinion that these new figures may indicate the economy may well be starting to recover.
Matt Esteve of Tempus Consulting had this to say:
"This is an encouraging sign for the US economy. It is good signal of what is to come,"
"With the rally in equities, we hopefully have seen a bottom for the economy here."
Ian Sheperdson from High Frequency Economics said this:
"We see no specific factor that might explain this jump,"
"Multi-family starts are always noisy, but this is exceptional. With new home sales still falling and the [recent] months' supply at a record there is no reason for homebuilding to rise."
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