Markets & Economy

As builder confidence rises, so do housing starts

'Single-family housing is making slow but steady progress,' says NAHB chairman

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Takeaways: Builder confidence in the single-family home market rose one point in August to a level of 61. Looking at the three-month moving averages for regional HMI scores, the West and Midwest each rose three points to 63 and 58, respectively. The South posted a two-point gain to 63, and the Northeast held steady at 46. Single-family starts rose by 12.9 percent in July to a seasonally adjusted annual rate of 782,000. This rise in activity resulted in an uptick in builder confidence on a national and regional basis. “Our builders are reporting more confidence in the market, and are stepping up production of single-family homes as a result,” said Tom Woods, chairman of the National Association of Home Builders (NAHB). Builder confidence in the single-family home market rose one point in August to a level of 61, according to the NAHB/Wells Fargo Housing Market Index (HMI). This score is the highest index reading since November 2005. “The fact builder confidenc...