Housing Starts Jump 15% to Four-Year High

Housing starts rose 15% in September to the highest level in four years, the Commerce Department said Wednesday.

Starts rose to an annual rate of 872,000 units, the most since July 2008, from a revised 758,000 in August, which were originally reported at 750,000.

The September level was higher than economists’ median forecast of a 770,000 rate, Bloomberg reported.

Single-family home starts rose 11% to a 603,000 rate.

Work on multifamily units, which are often more volatile, increased 25.1% to an annual rate of 269,000.

Three of four regions showed a gain, led by a 20.1% gain in the West, and the Northeast showed a decline.