Warren Buffett, the country's second-richest man and one of the world's most successful investors, told CNBC in an interview Wednesday, that he sees the U.S. economy "inching ahead" despite slowing economies in Europe and Asia.
"Buffett has long maintained that the U.S. economy will not turn around until the housing market improves," Reuters noted.
In Wednesday's interview he said the housing market has, "clearly started to turn," reporting that Berkshire Hathaway's carpet business, Shaw, has doubled profits this year and Clayton, its manufactured housing business has built 15 percent more units.
Housing construction starts surged 15 percent in September to a four-year high, according to latest Census data.
Eighty-two year-old Buffett, Berkshire Hathaway's CEO, also noted that he is looking to spend some of the company's $40 billion stockpile after two deals this year have fallen through, saying that he's "salivating" for another major acquisition.
Forbes ranked Buffet second in its list of the country's 400 richest men, following Bill Gates, with a net worth of $46 billion as of September.
Berkshire Hathaway is a holding company in Omaha, Nebraska, that owns subsidiaries engaged in a range of businesses including property and casualty insurance and reinsurance, freight rail transportation, utilities and energy, finance, manufacturing, services and retailing, according to its 2011 Annual Report.
Join the Conversation