Very good, hugely important breaking news from AP. It's America's big comeback:
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.
Housing has been a weak spot for the economy for some time, but even this aspect of it is on the rebound–in a huge way.
Continues the break:
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.
The strength in September came from both single-family construction, which rose 11 percent, and apartments, which increased 25.1 percent.
The unemployment is down to 7.8% and falling, while consumer confidence is at a 5-year high...single families are buying homes again, and contractors are buying up permits for construction. Big time.
But it's not just consumers that are happier, more hopeful, and confident in the economy's rebound:
Builder confidence reached at a six-year high this month, according to a survey by the National Association of Home Builders. The group's index of builder sentiment rose to a reading of 41. While that's still below the level of 50 that signals a healthy market, it has steadily climbed over the past year from a reading of 17.
As for the benefits of these homes being built?
Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to data from the home builders group.
How's THAT for a
comeback narrative?
P.S. Apparently actor Mark Ruffalo reads Daily Kos... :)