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Residential construction is definitely improving

For several months we've seen emerging evidence of the long-awaited upturn in residential construction, and now with today's April figures and upward revisions to prior months, it looks pretty official: the housing market has bottomed and is now posting impressive gains—up 30% in the past year, and up 50% from the 2009 low—that should be the norm for the next several years. If a recovery in the residential construction market was the one key piece missing from the US recovery, it is now in place. I find it hard to believe that today's troubles in tiny Greece are going to derail the giant US economy.

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