Housing starts increased in August

Housing starts rose 2.3 percent from July to August, according to USA Today. Construction increased to a seasonally adjusted annual rate of 750,000 compared with 746,000 in July.

Additionally, single-family construction starts rose 5.5 percent, reaching their best annual rate since April 2010.

However, building permit applications, which are viewed as a barometer of future construction, fell 1 percent in August from a four-year high in July.

The level of permits remains only about half the 1.5 million annual rate considered healthy; however, the National Association of Homebuilders reported that builders' confidence is the highest since 2006.

Housing starts reportedly will reach almost 1.1 million in 2013 compared with 780,000 this year, which would boost overall economic growth by 0.8 percent.

Date : 9/27/2012