Beazer Homes’ shares surge

Source: Construction Digital

Date :9/3/2008 7:08:54 AM

Shares of Beazer Homes USA Inc surged more than nine percent on September 2, despite new data showing home construction spending fell in July to the lowest level in seven years.

Shares of the Atlanta-based homebuilder rose 42 cents, or six percent, to US$7.38.

The Commerce Department reported construction spending fell 0.6 percent in July, twice as much as analysts had been expecting.

Housing activity declined 2.3 percent to a seasonally adjusted annual rate of US$357.8 billion.

Beazer’s stock has ranged from US$3.36 to US$12.94 over the past year.