New construction down 3.6%
The Department of Commerce released its monthly housing report on Wednesday. The report showed that builders had begun construction on over 1.5 million homes in the past year (adjusted monthly), marking a 3.6% decline from 1.6 million homes that were started in December. That month had marked the highest point since the housing market crash in 2008. Building permits have increased to their highest level since March 2007.
Regionally, housing construction was up by 31.9% in the northeast, and 1.2% in the West. Construction was at a lower rate of 25.9% in the Midwest and 5.4% in the South. Housing growth is expected to remain strong in 2020 based on Commerce Department rates, paired with low-interest rates offered by the Federal Reserve.
As the Lord Leads, Pray with Us…
- That the actions of the Federal Reserve and Commerce Department would make affordable housing available to more Americans.
- For Secretary Ross to be given wisdom on how to lead the Commerce Department.
- For the Commerce Department to accurately find data on the economic forces in the U.S.
Sources: AP, Washington Post
