The Economy

Sep 19, 2012 8:57 AM by Summer Yu

US housing starts rose 2.3% in August


WASHINGTON (AP) - U.S. builders started construction on more homes in August, driven by the fastest pace of single-family home construction in more than two years.

The Commerce Department says construction of new homes and apartments rose 2.3 percent to a seasonally adjusted annual rate of 750,000 last month.

Single-family housing starts rose 5.5 percent to an annual rate of 535,000 homes, the best pace since April 2010. Apartment construction fell 4.9 percent. Applications for building permits fell 1 percent to an annual rate of 803,000, down from a four-year high in July.

Even with the gains, the rate of construction and level of permits still remain only about half the pace considered healthy.

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