Homebuilder Index Reaches Highest Level Since 2007

Confidence among U.S. homebuilders climbed more than anticipated in February to the highest level since May 2007, pointing to an improving outlook for construction, Bloomberg reported Wednesday.

The National Association of Home Builders/Wells Fargo index of builder confidence rose for a fifth straight month, to 29 in February from 25 in January.

The reading topped economists’ median forecast of a 26 reading. Readings below 50 mean more respondents said conditions were poor.

The gauge, first published in January 1985, averaged 54 in the five years leading to the recession in December 2007, and reached a record low of 8 in January 2009, Bloomberg said.