WASHINGTON Despite eroding conditions in the broad economic landscape, the housing market remains a strong pillar of the economy, according to the National Association of Home Builders.
Bruce Smith, president of the builders group, said in a press release Friday that as the Federal Reserve tries to protect the economy against recession by reducing interest rates, housing not only benefits but also becomes the primary vehicle for keeping the economy strong.
Economic indicators underscore the important role that residential construction and, in particular, multifamily housing is now playing in keeping the economy afloat, he said.
Amid a slew of negative indicators such as industrial production slumping for the fifth consecutive month in February, the severe decline in consumer confidence, and the weeks stock market plunge housing stands out as a welcome bright spot in the economy, Mr. Smith said.
