By Ben Norman | Chamber Business News
Homebuilding increased to its highest level since June 2007 this August, according to data from the U.S. Census Bureau.
The jump is a positive sign for the housing industry, which had failed to see significant increases in single-family home construction this year. Housing starts — that is, new residential construction projects — increased by 12.3 percent month-over-month to reach an annual pace of 1.364 million.
This figure widely eclipsed the forecasts of economists surveyed by the Wall Street Journal, who predicted a 4.1 percent monthly increase for an adjusted annual rate of 1.24 million.
Arizona, specifically, had a significant jump in homebuilding, as well. Between June and July, contracts for over 2,100 homes were signed, which represents a 19 percent increase over the same period last year.
