Thursday, March 21, 2013

Why renters are still driving America's building boom via Fortune

As America's housing market slowly heals, good news is pouring in from homebuilders: They're building more; they're hiring more workers; they're building bigger houses.

Still, some things haven't changed: Renters (as opposed to buyers) are still driving the rebound of the residential construction industry.

Construction of single-family homes rose to a nearly five-year high in February, the Commerce Department reported Tuesday. Single-family home building, which made up about 66% of housing starts last month, rose 0.5% to a rate of 618,000 units -- the highest level since June 2008. This follows a 31.5% rise in single-family construction in the last year.

Read more...Why renters are still driving America's building boom - The Term Sheet: Fortune's deals blogTerm Sheet

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