US builder confidence rises again in August, hits 5-year high

15 August 2012 16:53  [Source: ICIS news]

HOUSTON (ICIS)--US builder confidence in the market for newly built, single-family homes improved for a fourth consecutive month in August, with a two-point gain to 37, an industry association said on Wednesday.

The National Association of Home Builders (NAHB) said that its NAHB/Wells Fargo Housing Market Index (HMI) is now at its highest level since February 2007.

"From the builder's perspective, current sales conditions, sales prospects for the next six months and traffic of prospective buyers are all better than they have been in more than five years," said NAHB chairman Barry Rutenberg.

"While there is still much room for improvement, we have come a long way from the depths of the recession and the outlook appears to be brightening," Rutenberg said.

But NAHB chief economist David Crowe added that US home builders are still often frustrated by the inventory of distressed properties, inaccurate appraisal values and the difficulty of accessing credit for both building and buying homes.

The US housing market is a key downstream consumer sector for the chemicals industry, driving demand for a wide variety of chemicals, resins and derivative products such as plastic pipe, insulation, paints and coatings, adhesives, roofing materials and synthetic fibres, among many others.

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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