US HOUSING CONSTRUCTION RISES NOW

Housing construction rose in August and the number of newly laid-off workers seeking unemployment aid fell unexpectedly last week, adding to signs the recession has ended. Still, the reports suggested a slow and fragile economic recovery.

In part, that's because the increased housing starts were due solely to a surge in construction of apartment buildings - while the much larger single-family homes sector fell for the first time in six months. And jobless claims remain far above the levels associated with a healthy economy.

Even as the housing industry begins to recover from its worst downturn in decades, a glut of unsold homes and record levels of home foreclosures are weighing on the industry. Construction of multifamily homes and apartments rose 1.5% to an annual rate of 598,000 units, the highest level since November, the US commerce department said on Thursday

Courtesy:- TOI dt:- 18-09-09