Construction of new homes climbed 13.7 percent in October, the biggest jump in a year as builders broke ground on more apartments and single-family houses.
The Commerce Department said Friday that the monthly gain put U.S. housing starts at a seasonally adjusted annual rate of 1.29 million units. That is the best pace for home construction in 12 months.
Housing starts have risen just 2.4 percent year-to-date, largely because fewer apartment complexes are being built. Single-family house construction has driven much of the growth this year in a sign of greater demand from buyers amid a healthy job market.