WASHINGTON: U.S. single-family homebuilding surged in September, cementing the housing market's status as the star of the economic recovery, thanks to record-low interest rates and a migration to the suburbs and low-density areas as Americans seek more room for home offices and schooling.
Overall, housing starts increased 1.9per cent to a seasonally adjusted annual rate of 1.415 million units last month. Data for August was revised down to a 1.388 million-unit pace from the previously reported 1.416 million. Groundbreaking activity rose in the West, South and Northeast, but fell in the Midwest.
A survey on Monday showed confidence among single-family homebuilders increased to a record high in October. Builders, however, said constructing affordable homes was becoming increasingly challenging because"shortages of lots, labor, lumber and other key building materials are lengthening construction times."The housing market has been a bright spot in the economy despite 25.3 million people being on unemployment benefits.
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