Census Report: Builders Charge Ahead
The Census Bureau/HUD (PDF) report got overshadowed by other news today, but a close look shows the home builders are charging full steam ahead. I will only refer to single family homes and year-on-year comparisons.
The number of homes completed in February: 1.57 million, a 7.6% increase.
The number of homes started in February: 1.77 million, a 16.7% increase.
The number of new permits given in February: 1.62 million, a 4.5% increase.
Keep in mind these increases were compared to a big year in 2004. Clearly the builders are gambling on higher sales in spite of all the warnings to the contrary.