Housing Construction Up 15 Percent in September
Jump to a four-year high
WASHINGTON (AP)—U.S. builders started construction on single-family homes and apartments in September at the fastest rate since July 2008, a further indication that the housing recovery is strengthening.
The Commerce Department said Wednesday that builders broke ground on homes at a seasonally adjusted annual rate of 872,000 in September. That's an increase of 15 percent from the August level.
Applications for building permits, a good sign of future construction, jumped nearly 12 percent to an annual rate of 894,000, also the highest since July 2008.
The strength in September came from both single-family construction, which rose 11 percent, and apartments, which increased 25.1 percent.