New Apartments Leads Construction Surge

Digested From “Housing Starts and Permits Hit Nine-Month Highs”
MarketWatch (09/17/09)

In its latest report on residential construction, the Commerce Department reported that building activity jumped in August to the highest level seen in nine months. The pickup was led by a 25.3 percent surge in groundbreakings on new apartments, which more than offset a 3 percent slowdown in the single-family housing market. All in all, starts on new homes and apartments recovered from a 0.2 percent slide in July to gain 1.5 percent last month, which saw 598,000 units on an annualized basis. In another indicator that the housing sector is starting to recover, Commerce also said that building permits were up 2.7 percent in August.

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