U.S. Housing Starts Up 15% in September
Source: AP/New York Times
U.S. Housing Starts Up 15% in September
By THE ASSOCIATED PRESS
Published: October 17, 2012 at 8:49 AM ET
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.
Construction activity is now 82.5 percent higher than the recession low hit in April 2009. Activity is still well below the roughly 1.5 million rate that is consistent with healthier markets.
Still, the surge in construction suggests builders believe the housing rebound is durable.
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Read more: http://www.nytimes.com/aponline/2012/10/17/business/economy/ap-us-housing-starts.html?ref=business
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A Tea Bagger friend on FB actually claimed that Obama personally fudged the unemployment numbers by hiring 100,000 part time campaign workers. So, I'm guessing now they'll say he just went out and bought 872,000 homes.
