Housing Starts Rise Close To An 8-Year High In September
Source: MarketWatch
WASHINGTON (MarketWatch) — U.S. housing starts rose to a nearly an eight-year high in September as builders ramped up construction of apartments.
The Commerce Department report on Tuesday added to the sense of a firming housing sector, helped by a healthy labor market.
Construction of new homes increased 6.5% to a seasonally adjusted annual pace of 1.21 million units in September. Economists polled by MarketWatch had forecast groundbreaking on new homes rising to a 1.14 million-unit pace last month.
After two months of declines, the gain in September brings as starts back to just below June’s level, which was an eight-year high, a sign that builders are growing more confident in the economy. That confidence was seen in a separate report released Monday, as the National Association of Home Builders/Wells Fargo housing market index rose to a fresh decade high in October.
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