File - A worker walks on scaffolding at the construction site of a new home in Carlsbad, California, in this file photo taken September 22, 2014. REUTERS/Mike Blake
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Construction firms broke ground on more apartment complexes in September, pushing up the pace of U.S. homebuilding. Housing starts rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million homes, the Commerce Department said Friday. Almost all of the gains came from apartment construction – a volatile category – which increased 18.5 percent after plunging in August.Apartment construction has surged 30.3 percent over the past 12 months.Starts for single-family houses rose just 1.1 percent in September, contributing to an 11 percent gain during the past 12 months.Permits for multi-family buildings rose 7 percent in September, compared to a 0.5 percent drop in permits for single-family houses.Home values had chalked up annual gains of as much as 12 percent toward the end of last year.
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