Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Customer service  |  Subscribe   |   Log in or sign up   |   Advertising information   |   Contact us

The top local business stories in your email

Contact Us:

Josh O'Connor
Phone: 425-339-3007

Maureen Bozlinski
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049

Jim Davis
Phone: 425-339-3097

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Housing starts increased in March

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
Los Angeles Times
Builders broke ground on more new homes nationwide in March, although the increase missed expectations.
Housing starts climbed 2.8 percent from an upwardly revised February to a seasonally adjusted annual rate of 946,000, the Commerce Department said Wednesday. Economists polled by Bloomberg News called for a rate of 970,000.
The missed expectations come as builder confidence wavers. More builders see the market for new single family homes as poor rather than good, according to a survey from the National Association of Home Builders.
Despite a rapid housing recovery last year, builders have yet to ramp up construction to historically normal levels. Holding them back, they say, is a shortage of ready-to-built lots and skilled labor.
Traffic from prospective buyers has been particularly poor, however.
Part of that is an overhang from winter, and builders expect more robust traffic during the spring home buying season. Still, rapid price surges last year have hampered demand as well. With income growth still meager, buyers have struggled to adjust.
Many economists blamed severe weather for much of the poor construction numbers in recent months.
In March, starts rose 65.5 percent in the Midwest and 30.7 percent in the Northeast, two areas that had been crippled by winter weather. Starts fell in the South and the West, a major home-building region largely spared the harsh winter.
March’s construction gains came on a 6 percent rise in single family home starts nationwide, a less volatile sector than multifamily construction.
Building permits, a gauge of future construction, fell 2.4 percent from February.
Story tags » House buildingReal Estate



Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus

Market roundup