Existing home sales grew in August at the fastest annual pace since March and increased plans for new buildings drawn up by architects indicate a future surge in non-residential construction.
A leading indicator of US building construction surprisingly rebounded last month after four months of declines, an architects’ trade group said on Wednesday. Reuters reports: The architecture billings index jumped 6.3 points to 51.4 last month. Any reading above 50 indicates rising demand for design services, a predictor of construction spending nine to 12 months in the future.
Bloomberg reported that existing home sales rose more than expected in August to the fastest annual pace since March as falling prices and low interest rates drew more buyers into the market. The National Association of Realtors said sales climbed 7.7 percent.