U.S. builders started work on more homes in August, driven by the fastest pace of single-family home construction in more than two years. The increase points to steady progress in the housing recovery.
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WASHINGTON (Reuters) - Housing starts rose less than expected in August as groundbreaking on multifamily home projects fell, but the trend continued to point to a turnaround in the housing market. The Commerce Department said on Wednesday housing starts increased 2.3 percent to a seasonally adjusted annual rate of 750,000 units. July's starts were revised to show a 733,000-unit pace instead of the previously reported 746,000. Economists polled by Reuters had forecast residential construction rising to a 765,000-unit rate. Compared to August last year, residential construction was up 29. ...