New residential construction in the U.S. increased by more than anticipated in the month of September, according to a report released by the Commerce Department on Friday, although the rebound did not completely offset the sharp drop seen in the previous month.
The Commerce Department said housing starts climbed 6.3 percent to a seasonally adjusted annual rate of 1.017 million in September after tumbling 12.8 percent to a rate of 957,000 in August. Economists had expected housing starts to rise to a rate of 1.008 million.
Building permits, an indicator of future housing demand, also rose 1.5 percent to a rate of 1.018 million in September from the revised August rate of 1.003 million.
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