Housing starts up 6.5% overall, with 18.3% jump in apartments and condos
By David Harrison and Kris Hudson | The Wall Street Journal
U.S. home building rebounded in September after two straight months of declines, largely because of a sharp increase in construction of apartments and other multifamily housing.
Housing starts rose 6.5% from a month earlier to a seasonally adjusted annual rate of 1.21 million in September, the Commerce Department said Tuesday. An 18.3% surge in multifamily units, which include apartments and condominiums, led the increase. Starts of single-family homes, which make up nearly two-thirds of the market, barely budged, rising a mere 0.3%.
