Posted: Sep 17, 2009 7:07 AM by Associated Press
The government says housing construction rose in August to the highest level in nine months as a big surge in apartment building offset a decline in single-family activity.
The Commerce Department said Thursday that construction of new homes and apartments rose 1.5 percent to an annual rate of 598,000 units last month. That is slightly lower than the 600,000-unit pace that economists had forecast.
The increase pushed building activity to the highest level since last November and left home construction 24.8 percent above the record low hit back in April. The August performance was another sign that the nation's housing industry has begun to recover from its worst downturn in decades.