Housing construction in March surged to levels near those of December 2003, when they
were at
their
highest levels in almost 20 years.
In the first quarter of 2004, the national homeownership rate remained at a record high
of
68.6
percent, originally set in the fourth quarter of 2003.
Minority homeownership set a new quarterly record of 50.8 percent in the first quarter,
up 0.2
percentage points from the fourth quarter and up 1.5 percentage points from the first quarter of
2003.
Inflation remains restrained, with the core CPI rising only 1.6 percent and the core
finished-goods
PPI rising only 0.7 percent over the last 12 months.
Mortgage rates remain near historic lows, making homebuying easier and more
affordable.
American companies are reporting historic levels of growth.
Productivity grew from 2000 to 2003 at the fastest 3-year rate in more than 50 years. This
has
bolstered profits and will lead to significantly higher real wages for workers.
More manufacturers are reporting increased activity and new orders than at any time in 20
years. The ISM Manufacturing employment index in March was at its highest level since 1987.