The U.S. Census Bureau and Department of Housing and Urban Development had somewhat good news for construction equipment users, as housing starts saw an increase in September.
Overall, privately owned projects that broke ground saw an increase at an annual rate of 0.3 percent during the month when compared to August. However, when held up to September of last year, starts rose 4.1 percent.
The report also showed that starts on single-family homes climbed at a yearly pace of 4.4 percent. David Crowe, chief economist for the National Association of Home Builders, said the numbers matched the most recent surveys the organization took of construction equipment users.
"Builders are receiving more inquiries from potential customers and are carefully responding to renewed consumer interest, although their limited access to credit for new housing production is definitely hampering this process," Crowe said.
The latest poll from the NAHB and Wells Fargo showed builder confidence in the single-family home market rose three points in October. However, the future may not be as bright, as government data show building permits fell in September.