Home Building Pace Highest in Over Four Years
Washington, DC, Nov. 20, 2012 -- Home building rose to its highest level in more than four years in October thanks to multifamily housing, according to the Census Bureau.
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The government said that builders started work at an annual pace of 894,000 homes last month, up 3.6% from the pace in September.
The stronger-than-expected report came because of a surge in construction of buildings with five or more residences.
Single-family home starts remained little changed from September.
However, the September and October readings were the two best months for single-family home starts since 2008 as well.
Applications for building permits fell 2.7% to an annual pace of 866,000.