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September housing starts reach highest level in 16 years By Dale Funk, Contributing Editor Nov 1, 2002 12:00 PM Total housing starts surged by 13.3 percent in September to a seasonally adjusted annual rate of 1.84 million units, the highest in 16 years, according to Commerce Department figures. Solid gains were recorded for all regions of the country, more than recovering the ground lost during the three previous months, with single-family starts hitting a 24-year high. “The housing market is rock solid and continues to hold up the economy,” said Gary Garczynski, a builder/developer from Woodbridge, Va., and president of the National Association of Home Builders (NAHB). “Although the pace of production will probably moderate to some degree in the months ahead, we should end the year with nearly 1.7 million units.” Single-family housing starts rose 18.2 percent in September to a seasonally adjusted annual rate of 1.48 million units. Meanwhile, multifamily starts dipped 2.9 percent to a rate of 366,000 units, partially taking back a big jump in the previous month. Regionally, starts rose across the board in September, posting gains of 24.2 percent in the West, 11.4 percent in the Midwest, 9.8 percent in the South and 9.5 in the Northwest. Acceptable Use Policy blog comments powered by Disqus |
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