Does renewed house-building explain the rise in construction output?

The construction industry contributed 0.4 percentage points to the 1.1%q/q growth in GDP in the second quarter of 2010. What’s more, house-building appears to have contributed strongly to the growth in construction, suggesting that housing starts will have risen for the fourth time in five quarters in Q2. But don’t get too optimistic – by historic standards house-building will remain depressed for some time.

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