New estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show construction of new single-family homes spiked in July, rising 12.8 percent above June's figure. Housing starts have now been above a one million-unit pace for four straight months. After years when new-home construction lagged behind other economic indicators, housing starts are now at their highest level since October 2007. The improvement adds to a number of upbeat economic reports released recently that indicate the economy and housing market have started the third quarter on a strong note. But despite the gains, the number of permits to build new homes – which are generally a good indicator of future construction activity – fell 1.9 percent from the month before. Still, industry analysts believe the decline will only be temporary, as permits have seen many months of increases and builder confidence reached a 10-year high in August. This continues to be good news for those that live or are looking at living in the Greenville, NC area. The new home market there has been high for months now and continues to be as strong as ever with many new homes to choose from and great financing. Regionally, single-family home building hit a 7-year high in the South but fell 27.5 percent in the Northeast due to expiring tax incentives. More here.

Home Construction in Greenville, NC