The breaking of ground on new homes and apartments increased 6.3 percent in September to reach an annual 1.02 million-unit-pace.
That's the third time this year the rate has reached the one-million mark, which is considered a vital milestone in the home building industry. Most of the gains, however, were attributed to a surge in multifamily production,which rose 16.7 percent month-over-month, while single-family housing starts had a more modest 1.1 percent increase, according to new figures from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. Economists say the gain in housing starts and permits in September signals the new-home sector is making a modest recovery and is showing signs of strengthening, read more.
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