Good news from the election
by JP Bill - 11/15/12 8:03 PM
Chrysler adds 1,250 workers as it sees increasing demand for trucks
DETROIT - Auto companies are betting on a surge in pickup sales now that home building is on the rise.
Chrysler said Thursday it is adding 1,000 workers to its Ram pickup factory because it sees higher demand for the redesigned truck. Ford and General Motors also say truck sales are climbing fast after several years of small but steady growth.
Truck sales rise or fall with home construction, since they're the vehicle of choice for contractors and construction crews. And there are growing signs that home construction and prices are in the midst of a steady recovery, said Tom Libby, lead North American forecasting analyst for the Polk research firm.
For example, government data shows builders started construction on homes and apartments at the fastest pace in more than four years in September. They also requested the most building permits in four years, a sign that many are confident that home sales will continue growing. Another encouraging sign: home prices are rising in many markets.
"Almost every day there's another report of a positive measure," Libby said.