WASHINGTON (AP) -- Last month, builders started construction on the most single-family homes and apartments since July 2008. It is more evidence that the housing recovery is gaining momentum.
The Commerce Department says housing starts jumped 4.6 percent in October from September to a seasonally adjusted annual rate of 894,000. Single-family home construction dipped 0.2 percent, while apartment construction rose 10 percent.
Applications for building permits, which are a sign of future construction, fell 2.7 percent to 866,000, after jumping 12 percent in September to a four-year high. Permit applications to build single-family homes rose to their highest level since 2008.
Housing starts are 87 percent above the annual rate of 478,000 in April 2009, the recession low. That's still short of the 1.5 million annual rate that is considered healthy.
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