U.S. builders started construction on single-family homes and apartments in September at the fastest rate since July 2008.
Single-family construction rose 11 percent. Apartment building increased 25.1 percent.
Applications for building permits, a sign of future construction, jumped nearly 12 percent to an annual rate of 894,000, also the highest since July 2008.
"If there was any doubt that the housing market was undergoing a recovery, even a modest one in the face of the terrible 2008 decline, those doubts should be erased by now," said Dan Greenhaus, chief global strategist at BTIG.
Read more at The Statesman Journal.