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Single-Family Construction Surges in September, While Multifamily Falters
Single-family housing construction surged 8.5% in September to a seasonally adjusted annual rate of 1.108 million units, the Commerce Department said Tuesday. However, multifamily development fell 16.3% to a pace of 307,000 units.
With the gains in single-family building helping to offset the drop in multifamily activity, housing starts overall increased 1.9% to a seasonally adjusted annual rate of 1.415 million units last month, following a downwardly revised tally of 1.388 million units for August. Economists polled by Reuters had forecast starts increasing to a rate of 1.457 million units in September.
Reuters reported that the housing market has continued to be the star of the economic recovery, driven by record-low interest rates and a migration to the suburbs and low-density areas in search of more room for home offices and schooling. The nation’s elevated unemployment rate has disproportionately affected low-wage workers, who are typically young and renters.
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- ◦Economy
- ◦Development
