Construction Of Housing Rises Sharplly: Construction of Homes Rises to 8-Month High
Construction of homes and apartments rose sharply in j May to the highest levels in eight months, the Depart-j ment of Commerce reported yesterday, j It was a clear indication that the home-building indus-|	earlier than the rest of the</br></br>President Ford called the j report on housing starts | 'Û÷encouraging." Speaking to a ! group of small businessmen here before the department released the figures, the President said they would bring further evidence that the economic slide has ended.</br></br>Michael Sumichrast. chief economist for the National Association of Home Builders, ; said that the May figures were "obviously an improvement.Û I 13ul, he noted, housing units arc stilt being started at the ÛÏlowest rate on record for a May.Û</br></br>Most economists would agree with the President that the recession is about over. But they also feel it will be some months yet before the economy turns upward with production beginning to rise land unemployment beginning i to fall.</br></br>Permits to build housing 1 units, an indication of future construction activity, also rose sharply for the second consecutive month. Permits were issued at an annual rate of 909,-j 000 in May. up from 837,000 in I April and 677,000 in March.