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US home construction up 1.9% in September to 1.4 million

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WASHINGTON – U.S. home construction rose a solid 1.9% in September after having fallen in August as home building remains one of the bright spots for the economy.The Commerce Department reported Tuesday that the September increased pushed home construction to a seasonally adjusted annual rate of 1.42 million homes and apartments after a 6.7% drop in August.Applications for building permits, a good sign of future activity, rose an even stronger 5.2% to 1.55 million units.After a plunge in the spring due to pandemic-related lockdowns, housing has staged a solid rebound as demand for homes with more space has grown and mortgage-rates have stayed at ultra-low levels..

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