US housing starts surge to record high

New-home construction in the US surged in September to the highest level in four years, a sign the industry is on the road to recovery.

17th October, 2012
New home construction surges

New-home construction in the US surged in September to the highest level in four years, a sign the industry is on the road to recovery.

Starts jumped 15 percent to an 872,000 annual rate last month, the most since July 2008 and exceeding all forecasts in a Bloomberg survey of economists, Commerce Department figures showed today in Washington.

The median estimate of 81 economists surveyed by Bloomberg called for 770,000. An increase in building permits may mean the...

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