The Commerce Department reported yesterday that there was a 3.6% rise in construction of new homes and apartments in June. Single family home construction jumped 14%. While this is an encouraging sign it’s not enough to call the bottom and we have to be careful that any month can see a big jump in the percentage increase because we’re now working off of such a small base given the collapse in the new construction market for single family homes.
For more on this story see, the Associated Press story on Yahoo!, CNNMoney, and Calculated Risk.