Friday, October 19, 2012

Home Building Surges as Confidence Grows

Residential construction picked up momentum in September and now is running at its highest level in four years, a turn that could have a positive effect on the jobs market and the broader U.S. economy.

Builders started work on new houses and apartments at a seasonally adjusted annual rate of 872,000 units last month, the Commerce Department said Wednesday, up 15% from August and 34.8% from September a year ago, far exceeding economists' expectations. The level of starts was the highest since July 2008.

Many economists contend that the rise in construction, if sustained, could boost job creation and economic ...


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