Home construction jumps 10.5 pct in August

WASHINGTON - Home construction increased last month and applications for building permits also grew. But the gains were driven mainly by apartment and condominium construction, not the much larger single-family homes sector.

The Commerce Department says construction of new homes and apartments rose 10.5 percent in August from a month earlier to a seasonally adjusted annual rate of 598,000. July's figure was revised slightly downward.

Construction was driven by a 32 percent monthly increase in the condominium and apartment market, a small portion of the market. Single-family homes, which represent about 80 percent of the market, grew more than 4 percent. Building permit applications, a sign of future activity, grew by nearly 2 percent.

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