U.S. home builders broke new ground in September at the fastest pace in more than four years, as permits also rose sharply, according to a new report today by the U.S. Commerce Department.
Construction on new homes accelerated by 15 percent to an annual rate of 872,000 last month from a revised 758,000 in August, the department said.
Work on new single-family homes, which account for about three-quarters of the housing market, rose 11 percent last month. Construction on multi-dwelling units such as condominiums and townhouses climbed an even faster 25 percent,
Building permits increased to a four-year high, rising 11.6 percent to an annual rate of 894,000.
Builder confidence reached at a six-year high this month, according to a survey by the National Association of Home Builders. The group’s index of builder sentiment rose to a reading of 41.
