WKYT | Lexington, Kentucky | News

Home starts rise slightly, building permits fall

WASHINGTON (AP) - Home construction rose slightly last month on the strength of single-family homes, but the market was still too weak to propel growth in the battered industry.

The Commerce Department says construction of new homes and apartments rose 0.3 percent in September from a month earlier to a seasonally adjusted annual rate of 610,000. August's figure was revised upward to an annual rate of 608,000 from an earlier estimate of 598,000.

Construction was driven by a 4.4 percent monthly increase in single-family homes, which are about 80 percent of the market. Construction of condominiums and apartments fell by nearly 10 percent. The number of building permits issued to build new homes, a sign of future activity, fell 5.6 percent from a month earlier.

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