Wednesday, February 8, 2023 10:20 am

Sluggish economy drives surge in apartment construction

skruk / Flickr
skruk / Flickr

Construction companies broke ground on more apartment complexes in September, pushing up the pace of homebuilding, AP reports.

Housing starts rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million homes, the Commerce Department said Friday. Almost all gains came from apartment construction, a volatile category, which increased 18.5 percent after plunging in August.

A sluggish recovery and meager wage growth have left more Americans renting instead of owning homes. Apartment construction has surged 30.3 percent over the last 12 months, while starts for single-family houses rose just 1.1 percent in September, contributing to an 11 percent gain during the past 12 months.

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