Crown Prince announces medium-term debt strategy to diversify funding sources "A resilient economy capable of overcoming challenges reflects progress towards achieving Vision 2030 goals"    OPEC+ tripartite meeting keen on maintaining global oil market stability    'No excuses' for Israel to not accept ceasefire deal, EU foreign policy chief says    Riyadh Season draws 8 million visitors in 6 weeks    Alkhorayef highlights role of National Initiative for Global Supply Chains in boosting Saudi economy    Saudi Arabia signs investment deals worth SR35bn with foreign firms to strengthen global supply chains    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Saudi FM attends Quadripartite meeting on Sudan in Italy    Georgia's new parliament opens first session amid mass protests and boycott    Gangsters block aid distribution in south Gaza    Russian deserter reveals war secrets of guarding nuclear base    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Saud Abdulhamid makes history as first Saudi player in Serie A    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US Housing Starts Jump After Dismal Spring
Published in Saudi Press Agency on 19 - 07 - 2011

U.S. housing starts hit a six-month high in June following a historically bad spring, and permits for future construction increased unexpectedly, the government reported Tuesday.
The Commerce Department said housing starts increased 14.6 percent to an annual rate of 629,000 units, the highest level since January, as groundbreaking for multi-family units jumped more than 30 percent.
Despite the improvement in June, the level of housing starts was about half the 1.2 million homes per year that economists say must be built to sustain a healthy housing market. June's level is less than one-third of the peak it reached during the housing boom.
Specifically, builders are almost 31 percent ahead of the 477,000-unit annual pace from April 2009, which was the lowest point on records dating from 1959. Still, they are down about 73 percent from their peak of almost 2.3 million homes in January 2006.
Much of June's gain came from a surge in apartment construction, a volatile part of the industry. Single-family home construction rose a more modest 9.4 percent. Building permits, a gauge of future activity, increased 2.5 percent.
While new homes represent only 20 percent of the overall home market, they have a bigger impact on the economy, creating jobs and generating taxes. Residential construction accounts for about 2.4 percent of U.S. gross domestic product (GDP), and indications are that it remained a negative factor in the second quarter after shrinking at a 2.0 percent annual rate in the first three months of 2011.
In previous recessions, housing accounted for 15 to 20 percent of overall economic growth. But between 2009 and 2010, housing contributed only 4 percent to the economy.


Clic here to read the story from its source.