Construction activity was up in all parts of the country except the West, which saw a 21.1% decline Construction surged 167.2% in the Northeast but that jump came after a 54.4% plunge in July. Construction starts were up 11.4% in the Midwest and 1.4% in the South.
A monthly survey of builder sentiment by the National Association of Home Builders and Wells Fargo showed sentiment inched up to 76 in September, ending a three-month decline. The index remains far below the record reading of 90 last November.
“The single-family housing market has moved off the unsustainably hot pace of construction of last fall and has reached a still hot but more stable level of activity,” said Robert Dietz, chief economist for the home builders.