Statement from Commerce Secretary Gary Locke on New Residential Construction in November 2009

The Commerce Department’s U.S. Bureau of the Census today released data on new residential construction in November 2009. Permits rose 6.0 percent in November and starts increased 8.9 percent, in both cases exceeding market expectations. Permits have risen 17.3 percent above their low in April, and starts have advanced 19.8 percent above their April low point. These gains reflected increases in single-family activity, while multi-family starts have increased modestly.

“The upward trend in homebuilding is encouraging, and the outlook for further growth is promising,” U.S. Commerce Secretary Gary Locke said. “With mortgage rates low, bank lending for residential mortgages becoming less restrictive, and the Recovery Act tax incentive for homebuyers extended and expanded, both home buyers and builders will continue to have attractive opportunities in the coming months.”