Housing Starts in U.S. Climbed 2.3% in August

New housing construction rose in August, boosted by the strongest pace of single-family home starts in more than two years that shows an improving U.S. real estate market.

Beginning construction climbed 2.3 percent to a 750,000 annual rate, less than forecast and restrained by a drop in the building of apartments, from a revised 733,000 annual pace in July, Commerce Department figures showed today in Washington. The median estimate of 85 economists surveyed by Bloomberg called for 767,000. Building permits cooled.