Green Shoots of Recovery in the US?

When we consider how or when the global economy may start to recover we have to look to where the massive slide began - the US. This is where the recovery most likely to affect us here in Ireland is likely to first present itself.

On that basis it is interesting to note the property section of the US Census Bureau's recently released Economic Indicators. 

The latest release says that: "Privately-owned housing starts in February 2009 were at a seasonally adjusted annual rate of 583,000. This is 22.2 percent above the revised January 2009 estimate of 477,000."

The more in-depth document states: 

BUILDING PERMITS

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 547,000. This is 3.0 percent (±3.5%) above the revised January rate of 531,000, but is 44.2 percent (±1.2%) below the revised February 2008 estimate of 981,000. Single-family authorizations in February were at a rate of 373,000; this is 11.0 percent (±2.1%) above the January figure of 336,000. Authorizations of units in buildings with five units or more were at a rate of 156,000 in February.

HOUSING STARTS

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 583,000. This is 22.2 percent (±13.8%) above the revised January estimate of 477,000, but is 47.3 percent (±5.3%) below the revised February 2008 rate of 1,107,000. Single-family housing starts in February were at a rate of 357,000; this is 1.1 percent (±11.0%) above the January figure of 353,000. The February rate for units in buildings with five units or more was 212,000.

HOUSING COMPLETIONS

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 785,000. This is 2.3 percent (±14.8%) above the revised January estimate of 767,000, but is 37.3 percent (±7.7%) below the revised February 2008 rate of 1,251,000. Single-family housing completions in February were at a rate of 505,000; this is 8.2 percent (±11.8%) below the January figure of 550,000. The February rate for units in buildings with five units or more was 268,000.

Ends

Could this be an indication that the bottom has been reached, or are we simply grasping at straws? Only time will tell. Watch this space. 

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USA Property Links

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