Monday, July 18, 2011

US builders' outlook rises after 2011 low

WASHINGTON - The outlook among U.S. homebuilders became a bit rosier in June but the future prospects for home construction are anything but promising.

The National Association of Home Builders says an index of builders' outlook for their industry in June rose two points, to 15. Any reading below 50 indicates negative sentiment about the housing market. The index hasn't reached 50 since April 2006, the peak of the housing boom.

Last year, the number of people who bought new homes hit its lowest level on records dating back nearly a half-century. This year could be just as bad.

Fewer homes mean fewer jobs. Each new home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to the builders' trade group.

by Associated Press Jul. 18, 2011 07:22 AM

US builders' outlook rises after 2011 low

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