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According to the site, U.S. housing starts had a strong rebound in July, showing their largest monthly percentage gain since September 2002, a Commerce Department report stated. Privately-owned housing starts rose in July to a seasonally adjusted annual rate of 1.98 million, 8.3 percent above the revised June estimate of 1.83 million. Building permits were also up in July.
Lowe's Cos. Inc. announced that its second-quarter profits increased 18 percent and it boosted its third-quarter earnings outlook based on the strong housing market.
Home Depot shares went up on news that it earned $1.55 billion, or 70 cents a share, in the three months ending Aug. 1 compared to 56 cents a share in the same period a year ago.
Orleans Homebuilders reported record $2.20 earnings per share for fiscal 2004. Orleans Homebuilders develops, builds, and markets single-family homes, townhouses, and condominiums.
Publication date: 09/20/2004