By ROBBIE WHELAN
Residential construction rose to its highest level in four years, another sign that the housing market has found its footing and is beginning to show long-term strength.
The pop in home-building also suggests a divide between consumers and industry in the economic recovery: While businesses continue to hold back on big investments because of uncertainty surrounding the coming elections and changes to the tax code, consumer attitudes are improving, driving up spending on goods such as new homes.
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Associated PressNew homes under construction in Edmond, Okla., in September.
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Housing starts increased 15% last month from August to a seasonally adjusted annual rate of 872,000, the Commerce Department said Wednesday. Compared with a year earlier, new construction was up 34.8%.
The results were especially positive for builders of single-family homes, which made up 69% of housing starts last month. Single-family construction rose 11% in September to a rate of 603,000 units, a 43% improvement from a year earlier. The more volatile multifamily sector, which includes construction of buildings with two or more housing units, rose 25.1% in September from the previous month.
"Consumption indicators seem to be pretty strong, while investment indicators seem to be pretty weak," said Paul Ashworth, chief U.S. economist for Capital Economics. "The fiscal cliff and what's happening in Europe should be driving consumption and industrial numbers in the same direction. But in this case, consumers don't seem to be as aware as businesses are."
http://online.wsj.com/article/SB10000872396390444868204578062310255566972.html
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