WASHINGTON — Indicating continued momentum in the nation's housing market, builders began work on new homes and apartments at a seasonally adjusted annual rate of 1.85 million units in January, according to U.S. Department of Commerce figures. This marks the fastest pace of housing construction in 16 years, including the best single-family production in 24 years, says the National Association of Home Builders (NAHB).
"Low interest rates and healthy house-price performance remain the most important factors behind the obvious strength that single-family housing has maintained amidst generally weak consumer confidence measures," stated Kent Conine, president of NAHB and a home and apartment builder from Dallas, Texas.