Housing starts surge in September

Housing starts in September increased to a seasonally adjusted annual rate of 872,000, up 15.0% from the August figure. The pace of residential construction was the highest since July 2008, and up 34.8% over the same figure last year.

Single-family starts also increased double digits -- up 11.0% to a rate of 603,000.

Building permits in September were at a seasonally adjusted annual rate of 894,000, up 11.6% above the revised August rate of 801,000. Permits were up 45.1% over the September 2011 rate.