August 8th, 2012
More new construction for residential properties occurred in the United States during the month of June, according to the Department of Commerce.
Residential construction improved to an annual rate of $265.6 billion in June, which was 1.3 percent higher than May's total of $262.1 billion. Total private construction increased 0.7 percent during the month to a total of $567.9 billion. However, these improved levels may still need boosts before the industry is fully healthy, as the market's recovery is slow-going.
"We have always maintained that the housing recovery would likely be an uneven one," said Scott Stowell, president and chief executive officer of Standard Pacific. "New housing starts and permits are up significantly from last year, albeit at levels that are still well below normal."
A continued flow of new residential construction can help improve the overall housing inventory situation in the country, which will make finding the right home in a new area easier for transferees. However, it is important to involve a mortgage consultant in the process, as they may be able to help employees take advantage of affordable loan rates.