Building permits, housing starts bounce back

Home construction numbers rebounded in March.After record low home construction figures were reported last month, data released by the Commerce Department this week showed a rebound for the industry, supporting renewed consumer demand in the Houston real estate market and the nation at large.The data showed that housing starts – when construction workers on a new home break ground – increased by 7.2 percent from February to March to an annual rate of 549,000. The number of building permits issued for future construction also jumped in March, up 11.2 percent.While those numbers are well below their usual averages, builders took the bounce back as reason for optimism.”The modest improvement in new-home production and permitting in March is in line with our forecasts for incremental gains through the spring buying season,” said NAHB chief economist David Crowe.Crowe added that many builders nationwide have seen improvements in the number of qualified homebuyers researching the market.The increase in buyers may be due in part to dropping unemployment. According to the Texas Workforce Commission, employers in Houston created nearly 17,000 new jobs during the month of March, dropping the unemployment rate to 8.3 percent.Courtesy of 2M Realty News

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