25 June 2013 16:40 [Source: ICIS news]
HOUSTON (ICIS)--Sales of new homes in the US for May were estimated at 476,000, the largest monthly number in almost five years and about a 2.1% increase above April’s revised rate of 466,000, the Commerce Department announced on Tuesday.
In its monthly report of seasonally adjusted data, the department said May 2013's estimate was about a 29.0% increase over May 2012’s 369,000.
The 476,000 sales were the largest number of new-home sales since July 2008, according to Commerce Department statistics.
The May estimates come on the heels of the National Association of Home Builders (NAHB) saying earlier this month that market confidence among its members made the biggest one-month gain in more than 10 years.
The 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.
The American Chemistry Council (ACC) estimates that each new home built represents some $15,000 (€11,400) in chemicals and derivatives used in the structure or in production of component materials, equipment and furnishings.
($1 = €0.76)
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