Home Construction News -- Permits Rise

According to Richard DeKaser, the chief economist at National City Corp. in Cleveland : "While some of the strength in January can be attributed to favorable weather, it's nonetheless clear that construction is extremely strong."

Home building permits, are one of the key indicators of future construction, unexpectedly rose 6.8 percent to a 2.217 annual rate.

House Starts of single-family homes rose 13 percent last month to a record 1.819 million-unit rate. Construction of multifamily homes such as townhouses rose 22 percent to a 457,000 rate.

Home Construction increased throughout the country. Housing starts rose 29 percent in the Northeast, 24 percent in the Midwest, 17 percent in the West, and 8.7 percent in the South. Starts at an annual rate of 1.177 million in the South were the highest since February 1984.




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