US home construction up 1.9% in September to 1.4 million

U.S. home construction rose a solid 1.9% in September after having fallen in August as home building remains one of the bright spots for the economy

Home Construction (Copyright 2020 The Associated Press. All rights reserved)

U.S. home construction rose a solid 1.9% in September after having fallen in August as home building remains one of the bright spots for the economy

The Commerce Department reported Tuesday that the September increased pushed home construction to a seasonally adjusted annual rate of 1.42 million homes and apartments after a 6.7% drop in August.

Applications for building permits, a good sign of future activity, rose an even stronger 5.2% to 1.55 million units.

After a plunge in the spring due to pandemic-related lockdowns, housing has staged a solid rebound as demand for homes with more space has grown and mortgage-rates have stayed at ultra-low levels.