Home building hits a record pace
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Residential construction in October reached the highest level of activity nationwide since 1986.
The Commerce Department reported Wednesday that builders broke ground on 1.96 million units, at a seasonally adjusted annual rate, representing a 2.9% increase from September’s pace.
New single-family homes reached a record high pace of 1.62 million units, a 5.7% increase from September.
Construction of apartments, condominiums and other multifamily housing declined by 3% in October to a rate of 319,000 units.
The report also showed that housing permits -- considered a good barometer of current demand -- rose by 5.2% in October to a rate of 1.97 million units, the strongest pace since February 1984.
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