News Summary: US builders start more homes

AP News
Posted: Sep 19, 2012 3:21 PM

HOUSING STARTS UP: U.S. builders broke ground on 2.3 percent more homes and apartments in August. The increase drove housing starts to a seasonally adjusted annual rate of 750,000, the Commerce Department said Wednesday.

SINGLE-FAMILY DRIVES GAINS: Construction of single-family homes rose 5.5 percent to an annual rate of 535,000, the best pace in more than two years.

OUTLOOK: The rate of home construction has risen nearly 60 percent since hitting a recession low in April 2009. While the pace of construction is about half of what is considered healthy, the steady gains suggest the housing recovery could endure.