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March 17, 2009
New housing starts are up
Many of us have been eagerly watching the housing market as of late. In the current economic times, new housing starts have been down. Way down. Part of the current recession has been due to the housing market crash, and many of us have been measuring the health of the economy based on what the housing market does.
Apparently, things are changing. A change many economists didn't see coming. According to cnbc.com, construction of new homes rose 22.2 percent since January. Applications for new building permits also rose by 3 percent in February. Economists had predicted a drop in new construction applications.
Maybe it is the fact that it is almost spring time. I was running some errands with my wife the other day, enjoying the warm weather and commenting on the amount of people also out driving around. The roads seemed to be packed with people out shopping or just "getting out" on an unseasonably warm late winter/early spring day. My wife pointed out that this means people were out spending. She had a really good point that I had not thought of. Maybe people were tired of being cooped up waiting to see what was next in the economic crunch and it was time to get out.
With spring right around the corner, with the weather getting a little warmer and the days getting a little longer, it is traditionally the time of year for the seeds of growth to be planted. If February's new home starts are any indication of what is to come, then maybe, just maybe, this year may still turn out to be bountiful yet.