Single-family home starts add to recovery of U.S. housing market

02/20/2013 | Bloomberg

U.S. builders began construction on 613,000 single-family homes on an annualized basis in January, the highest total since July 2008, adding to signs of recovery in the key housing industry. Permits were up as well, although total starts for all types of housing were down, mainly due to the highly variable multifamily sector. "We ended 2012 on a solid note, and we do have some momentum heading into this year," said Gus Faucher, a senior economist at PNC Financial Services Group in Pittsburgh.

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