U.S. home building surged in September to the highest level in more than four years, the latest sign that housing is becoming an increasingly important boost to the troubled economy.
Housing starts increased 15.0% last month from August to a seasonally adjusted annual rate of 872,000, the Commerce Department said Wednesday. Compared with a year earlier, new construction was up 34.8%.
Construction of single-family homes, which made up 69% of housing starts last month, grew 11.0% in September to a rate of 603,000 units–the highest level since August 2008. Single-family construction was up nearly 43% from a year earlier.
Multifamily homes of two units or more, meanwhile, jumped 25.1% from a month earlier.