More good news for the economy — new home construction bounced back to the highest level since July 2008 during the month of September.
WASHINGTON – U.S. builders started construction on single-family homes and apartments in September at the fastest rate since July 2008, a further indication that the housing recovery is strengthening.
The Commerce Department said Wednesday that builders broke ground on homes at a seasonally adjusted annual rate of 872,000 in September. That’s an increase of 15 percent from the August level.
Applications for building permits, a good sign of future construction, jumped nearly 12 percent to an annual rate of 894,000, also the highest since July 2008.
Additionally, foreclosure is now at a five year low and confidence among the NAHB is at its highest level since well before the recession began.
Foreclosures have fallen to a five-year low, reducing the supply of distressed homes available on the market. And four years of depressed levels of home building have cut the supply of new homes on the market to nearly record lows, according to a separate government report. [...]
On Tuesday, the National Association of Home Builders said its October survey of members found confidence among builders at the highest level since 2006.
While Romney continues to run on the idea that the economy has gotten worse over the past four years, that simply isn’t reflected by the record as it stands.
Unemployment has fallen to 7.8 percent from a high of 10 percent, consumer confidence is at a five year high, consumer spending is up, holiday hiring is projected to reach record levels, jobless claims are at a four year low, the deficit is at its lowest level in four years, and U.S. debt is at its lowest level since 2006.