Housing Starts Hit 17-Month High


WASHINGTON -- Homes were built in September at the fastest pace in 17 months, a hopeful sign for the economy.

Most of the gain was driven by a surge in volatile apartment construction, which helps boost economic growth. But other data suggest a housing recovery is far off.

Single-family home construction, which represents nearly 70 percent of homes built, rose only slightly. And building permits, a gauge of future construction, fell to a five-month low.

Originally published