The Department of Commerce stated on Friday that housing construction in April increased by 8.2% to a seasonally adjusted annual rate of 1.03 million units. Apartment construction increased by 36%, while construction in the single family sector fell by 1.7%.
Treasury Secretary Henry Paulson added on Friday that “financial markets are considerably calmer now than they were two months ago.” He also predicts that the economy will be rebounding by the second half of this year.
