October 21, 2009. Retrieved online October 21, 2009 from Brook Stockberger, Las Cruces Sun-News
LAS CRUCES – Those waiting for a rebound in the housing and building industry will have to continue to be patient.
The U.S. Commerce Department reported Tuesday that applications for home building permits, a gauge of future construction, fell in September by the largest amount in five months. And while actual construction of new homes and apartments rose 0.5 percent, that is still weaker than economists had predicted.
In Las Cruces, the news is not as dour, but it still points to a long climb ahead that will not be accomplished quickly.
“I think we’re at the bottom, or close to the bottom, and that we ought to see some pickup over the next year,” said James Peach, who teaches economics and international business at New Mexico State University. “There’s still a lot of inventory.”
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