Single-Home Construction Up in the Month of May
Construction statistics from the month of May suggest that the housing market may be showing signs of recovery despite other areas of the economy weakening. A report in the Washington Post indicates that the Commerce Department revealed that construction of single-family homes increased 3.2 percent in May. This was the third straight monthly increase for construction of single-family homes. However, apartment construction (which is usually volatile) fell 21.3 percent, causing the housing market as a whole to fall 4.8 percent.