New housing construction shot up a whopping 14.5% from December to January, as reported by the Commerce Department. The last time we experienced similar rates was back in 1973.
It looks like the report took everyone by storm, as most of the country has been expecting a slowdown or decline in construction. Interest rates have not seemed to affect the market as much as many of us have expected. Only time will tell what is to come, but don’t count on these massive growth rates to continue. With every boom cycle, there comes a bust . . .