Homebuilders Pick Up Pace to Meet Shortages, Demand
Construction of new homes surged to its highest level since November, rising 15.7 percent in July to a seasonally adjusted annual pace of 1.09 million units, the Commerce Department reports. The gain followed two consecutive months of declines in the new-home sector.
"A return to production levels over 1 million confirms that consumer confidence continues to improve," says Kevin Kelly, chairman of the National Association of Home Builders. "Propelled by a healthier economy, more and more people are feeling ready to buy a home."
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