Apartments boost home construction pace

Government data revealed a 6.3 percent rise in new U.S. home starts in September, with the annual rate hitting 1.02 million, MarketWatch reveals.

From these numbers, apartment starts with at least five units zoomed up 18.5 percent, whereas the construction pace for single-family homes only rose 1.1 percent in September. Though economists prefer to see more single-family homes because its construction creates more jobs and single-family homes cost more than apartments, the 17.8 percent year-over-year increase of construction is still a positive sign of the housing market’s continuing rebound.

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