Housing starts logged their biggest gains in more than seven years in September, the Commerce Department reported.
Ground breaking for new homes jumped 13.3 percent to a seasonally adjusted annual rate of 1.843 million units last month—the highest level since June 1986—from an upwardly revised 1.627 million rate in August. It was the biggest monthly increase since a 14.1 percent climb in July 1995. Single-family home starts hit their fastest rate since November 1978.