The U.S. Department of Commerce recently announced residential housing starts increased during the month of January.
Overall, construction of new single-family homes and apartments rose 1.5 percent and stood at a seasonally adjusted annual rate of 699,000 when compared to December, according to the report. When compared year-over-year, the figure is 9.9 percent higher. January 2011's rate was 636,000.
"Today's solid housing starts report indicates that builders are putting more of their crews back to work, and adds to the growing field of evidence that the overall housing market is gradually but consistently moving in the right direction," said Barry Rutenberg, chairman of the NAHB.
In addition, building permits rose 0.7 percent to a rate of 676,000 compared to December's figure of 671,000, the report said. In addition, it is 19 percent better than the same period in 2011, which was 568,000.
The NAHB recently released a report showing that builder confidence rose for the fifth straight month in January, due to multiple improvements in the residential housing market.