—
New York City, NY, US – August 26th, 2014 /PressCable/ —
US Department of Commerce Reports New Home Construction Up by 15.7% in July
New York City, New York (August 22, 2014) – New home construction in the US is up by 15.7% in July, the highest growth the industry has posted in the last eight months, according to a report by the US Department of Commerce.
This upsurge in the housing market is triggering positive interest among investors. The Dow Jones industrial average, for example, increased 80.85 points and closed at 16,916.59. Economists agree that the rising numbers in new home construction will lead to surges in other areas of the economy, as it creates demand for labor, raw materials and furnishings.
“It is a good sign,” said Chris Striplin, an analyst and spokesperson for AssociationConstruction.com. “With the housing market picking up, we can expect it to pull up with it the related sectors experiencing lag in the past few years.”
Companies in the construction and housing improvement sector are indeed seeing revenue growth brought about by the rejuvenation in home construction. Home Depot, Inc., for instance, reported a jump in their second-quarter profits by 14% – from US$1.8 billion in 2013 to US$2.05 billion this year.
The Commerce Department, however, also reported that the growth in the housing market is not currently felt in the Midwest, where the starts dropped by 24.8% instead. New home construction in California is also not picking up as quickly, though it has also posted a 5% increase in the state.
“The numbers may not look peachy overall,” said Striplin, “but they still show that people feel more ready to buy new homes now than before. That's reason enough to maintain a positive outlook when it comes to the housing industry.”
AssociationConstruction.com is an online resource that aims to educate people on custom home construction and home construction costs. To learn more about home construction, please email Chris Striplin at info@associationconstruction.com or visit http://associationconstruction.com.
Contact Info:
Name: Chris Striplin
Email: info@associationconstruction.com
Organization: AssociationConstruction.com
Website: http://associationconstruction.com/
Release ID: 60632