Good news on the ground-breaking front: more new homes were begun in November than at any point over the previous 12 months. New housing projects were up 8.9% last month, with fresh building permits nationally hitting 584, 000, the most reported in one month since November of 2008 when 551, 000 permits landed on the books. The bulk of the new buildings will be single-family homes, for which 482, 000 new projects were begun in November.
Housing officials noted three main factors contributing to the up tick in brick laying: Federal tax credits, cheaper market prices and low interest rates. (Oh, and the weather may have helped, too. The National Climate Data Center—what, don't pretend you've never heard of it—said that this past November was the third hottest in the 115 years that records have been kept.)
With all this in mind, the Federal Reserve is expected to announce today that they will keep borrowing rates down well into 2010, hoping to continue assisting the recovery process while also combating the rather unseemly unemployment rate, which experts believe will hover around 10% for most if not all of next year.
And it may not just be the Joneses busting out the shovels. The country's biggest builder of luxury homes, Toll Brothers Inc., saw a 42% increase in fourth quarter demand.
With any luck, one future new building permit will go toward this sweet structure—an extension for a steel pipe manufacturer, designed by the Seattle-based group Olson Sundberg Kundig Allen Architects. In coming up with its design the architects incorporated existing enormous pipes into their vision. The result would make workers at the offices for T. Bailey feel as though they'd wandered onto a lost Blade Runner set. So the new building would be not only rather rad looking—in West Coast parlance—but would be environmentally sound what with the recycling of materials.