WKYT | Lexington, Kentucky | News

Home building spikes in June after dismal spring

WASHINGTON (AP) - Builders broke ground on more single-family homes and apartments in June, as the home-building industry tried to shake off a historically bad spring.
The Commerce Department says builders began work on a seasonally adjusted 629,000 homes last month, a 14.6 percent increase from May. Still, that's roughly half the 1.2 million homes per year that economists say must be built to sustain a healthy housing market.
Apartment construction, a volatile part of the industry, surged 31.8 percent last month. Single-family home construction rose a more modest 9.4 percent. Building permits, a gauge of future construction, increased 2.5 percent.
More homes lead to more jobs. For every home built, three jobs are created for a year and about $90,000 in taxes are generated, according to the National Association of Home Builders.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 125806138 - wkyt.com/a?a=125806138