Friday, October 21, 2011


Builders began work on more U.S. homes than forecast in September and consumer prices climbed at the slowest pace in three months, supporting Federal Reserve forecasts for a pickup in growth and a moderation in inflation.

Housing starts jumped 15 percent to a 658,000 annual rate, the most since April 2010, the Commerce Department reported today in Washington. Data from the Labor Department showed the cost of living climbed 0.3 percent from August, in line with the median projection of economists surveyed by Bloomberg News.

The increase in building was led by a surge in construction of apartments and other multifamily dwellings that may continue to support the industry as the housing slump turns more Americans into renters.

Work on multifamily homes jumped 51.3 percent in September from the prior month to an annual rate of 233,000, the most since October 2008. New construction of single-family houses increased 1.7 percent to a 425,000 rate.

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