WASHINGTON (AP) — U.S. builders started work in August on the most single-family homes in six months and requested permits to construct even more in future months. The figures suggest housing remains a driver of economic growth despite higher mortgage rates.
Construction of single-family homes started rose 7 percent last month to a seasonally adjusted annual rate of 628,000, the Commerce Department said Wednesday. That’s the fastest rate since February. And builders sought 627,000 permits to construct future single-family homes, 3 percent more than July and the best pace since May 2008.
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