One America News is reporting today that U.S. homebuilding increased more than expected in November and permits for future home construction surged to a 12-1/2-year high.
The article reports:
The economy’s near-term prospects were also bolstered by other data on Tuesday showing a strong rebound in manufacturing production in November as the return of formerly striking General Motors’ <GM.N> workers boosted automobile output. The data suggested the economy remained on a moderate growth path in the fourth quarter despite slowing consumer spending.
…In a separate report on Tuesday, the Fed said manufacturing production rose 1.1% last month after dropping 0.7% in October. Excluding motor vehicles and parts, manufacturing output increased 0.3%.
The rebound in manufacturing production suggests the factory downturn is probably close to running its course. Manufacturing output is still expected to contract in the fourth quarter.
“This is a welcome shift after declines in three out of the four preceding months, but not the end of the struggles for manufacturing,” said Tim Quinlan, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.
Single-family homebuilding, which accounts for the largest share of the housing market, increased 2.4% to a rate of 938,000 units in November, the highest level since January. Single-family housing starts rose in the West and Northeast, but fell in the Midwest and the South.
Single-family housing building permits rose 0.8% to a rate of 918,000 units in November, the highest since July 2007.
Starts for the volatile multi-family housing segment jumped 4.9% to a rate of 427,000 units last month. Permits for the construction of multi-family homes rose 2.5% to a rate of 564,000 units.
The economy is doing very well. The only thing that would make it better would be if the people we elected and sent to Washington would get serious about cutting spending and lowering our national debt.