In this Monday, Nov. 11, 2013 photo, Will Hostetler, a carpenter with Larry Block Builders, carries trim downstairs at a new home under construction, in Pepper Pike, Ohio. The Commerce Department reports on the number of permits requested in October and September to build homes, on Tuesday, Nov. 26, 2013. (AP Photo/Tony Dejak)
WASHINGTON (AP) — U.S. developers received approval in October to build apartments at the fastest pace in five years, a trend that could boost economic growth in the final three months of the year.
Permits to build houses and apartments were approved at a seasonally adjusted annual rate of 1.034 million, the Commerce Department said Tuesday. That’s 6.2 percent higher than the September rate of 974,000 and the fastest since June 2008, just before the peak of the financial crisis.
Nearly all of the increase was for multi-family homes, a part of residential construction that reflects rentals and can be volatile from month to month. Login to read more