Housing Adding Vitality to Economy

According to a new survey of 48 professional forecasters by the National Association of Business Economics, residential investment is finally contributing to economic growth. Nationalmortgagenews informs MHProNews home purchases and residential construction grew by 12 percent in 2012 as opposed to 2011 when growth was negative -1.4 percent, and is expected to continue growing in 2013. Housing starts totaled 608,000 last year, and it’s anticipated there will be 770,000 in 2012. That number is expected to grow to 930,000 in 2013. Mark Fleming and Sam Khater of CoreLogic say, “Residential investment is now providing the post-recession boost it normally does. That is good news, because residential investment is the most important cyclical component of the economy.”

(Photo credit: HousingWire)

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