A U.S. builders' confidence index gained four points to 58 in December, a welcome improvement, the National Association of Home Builders said Tuesday.
"This is definitely an encouraging sign as we move into 2014," said NAHB Chairman Rick Judson in a statement.
The NAHB/Wells Fargo Housing Market Index, which focuses on builder confidence in the market for newly built, single-family homes, is up 11 points from December 2012 and has held above 50 for seven months, Judson said.
The market, from a builder's perspective, has survived two jolts lately, including rising interest rates, said NAHB Chief Economist David Crowe.
"Following a two-month pause in the index, this uptick is due in part to release of the pent-up demand caused by the uncertainty of the October government shutdown," he said, referring to the second potential disruption to builder confidence that the market appears to have survived.
The trade association said that confidence is broad-based. All three components of the index -- current sales conditions, sales expectations and traffic of prospective buyers -- rose in December, the trade group said.
Copyright 2013 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Original headline: Builder confidence rises after a stall
Most Popular Stories
- Rackspace Ends Talks About Possible Acquisition
- Mercedes Rolls Out S550 Plug-in Hybrid
- Missouri GM Plant Adding 750 jobs
- Family Dollar Spurning Bid From Dollar General
- Kohl's Hiring 67,000 for the Holidays
- Cool Features on Today's New iOS 8
- FedEx Adding 50,000 Holiday Jobs
- Poverty Rate Drops for First Time Since 2006
- Toxic Algae Threatens Florida Fishing, Tourism
- Plus-Size iPhones Live Up to The Hype