Housing construction surges in July

Housing construction bounced back in July, hitting its highest level in eight months as the sector shows signs of picking up pace in the second half of the year.

After two months of drops, construction jumped 15.7 percent last month to a seasonally adjusted annual rate of 1.09 million homes, the fastest pace since the 1.11 million posted in November, the Commerce Department said Tuesday.

Last month's level also is 21.7 percent above the July 2013 rate of 898,000.


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Focus on... Construction Industry

What's the outlook for the construction market for the rest of the year? Economists from trade associations representing home builders, construction companies and architects provided their answers in a webinar Monday.

The bottom line: Nonresidential construction is beginning to recover, because businesses are more confident about investing in growth. The housing market is gaining as well, but is still a couple of years from getting back to normal levels of home-building.


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