New Home Building Growth Numbers Affect Cincinnati
New home building in the U.S. grew to an eight-month high in July. These numbers bode well for the Cincinnati new home market.
New home construction moved up nearly 16% from June to an adjusted(seasonal) annual rate of 1,093,000, the Commerce Department reported.
The housing numbers caused the Dow Jones industrial average to rise 80.85 points to close at 16,919.59.
If this positive trend continues in new home starts, it will continue to illustrate the strength of the housing turn around. If it maintains momentum, the boost in construction could have positive effects on the economy as whole. New home construction is a strong economic driver, economists say. Builders need more laborers and materials, and home buyers usually furnish their new homes with furniture, appliances and accessories.
These trends are evident in the Cincinnati market as new home sales continue to be strong and Arthur Rutenberg Homes continues helping customers find great new custom homes.