In another sign that the economy may be picking up, housing starts increased 0.5% in September, the second consecutive monthly increase, according to a report issued today by the Commerce Department and the Department of Housing and Urban Affairs.
Housing starts were at a seasonally adjusted annual rate of 590,000, compared to 587,000 in August.
But September's figures were 28.2% those of September 2008.
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Single-family housing starts increased 3.9% to a seasonally adjusted annual rate of 501,000. Single-family housing completions increased 8.3%.
Building permits fell 1.2% from August's level, to a seasonally adjusted annual rate of 573,000. That's 28.9% below that of August 2008.
Housing starts declined from their August levels in the Northeast, Midwest and West by 5.5%, 1.8% and 8.8%, respectively and increased 7.1% in the South.
Year-to-year housing starts declined in all regions: 38.4% in the Northeast, 22.5% in the Midwest, 26.5% in the South and 30.5% in the West.
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