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November 21, 2012

U.S. new home starts at fastest pace in 4 years

  • Apartment construction led the way in October, rising 10 percent.
  • By CHRISTOPHER S. RUGABER
    AP Economics Writer

    WASHINGTON — U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum.

    The Commerce Department said Tuesday that builders broke ground on homes in October at a seasonally adjusted annual rate of 894,000. That's a 3.6 percent gain from September.


     
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