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US Housing Construction Hits 4-Year High

Up 15% in September: Commerce department
By Newser Editors and Wire Services
Posted Oct 17, 2012 8:43 AM CDT
US Housing Construction Hits 4-Year High
In this Friday, Sept. 21, 2012, photo, new homes are constructed in Edmond, Okla.   (AP Photo/Sue Ogrocki,)

(Newser) – US builders started construction on single-family homes and apartments in September at the fastest pace since July 2008, a further indication that the housing recovery is strengthening. The Commerce Department says builders broke ground at a seasonally adjusted annual rate of 872,000 in September. That's an increase of 15% from the August level.

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Applications for building permits, a good sign of future construction, jumped nearly 12% 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%, and apartments, which increased 25.1%. Construction activity is now 82.5% higher than the recession low hit in April 2009, although activity is still below healthy levels. (Read more housing market stories.)

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