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Housing starts rocket up 12.1 percent

2012 best year for residential building since bubble burst

10:52 PM, Jan. 17, 2013
U.S. home construction surged 12.1 percent in December.
U.S. home construction surged 12.1 percent in December.
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Builders started work on homes in December at the fastest pace since the summer of 2008 and finished 2012 as the best year for residential construction since the housing crisis began.

The Commerce Department said Thursday that builders broke ground on houses and apartments at a seasonally adjusted annual rate of 954,000. That's 12.1 percent higher than November's annual rate and nearly double the recession low of April 2009.

"Construction joined the housing recovery in 2012," as builders bet on markets with strong job growth and low vacancy rates, said Jed Kolko, economist with real ...

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