US home building climbs 12.3% in August to 12-year high

The pace of U.S. home construction jumped 12.3% last month to a 12-year high on a surge in apartment building.

The Commerce Department said Wednesday that housing starts came in at a seasonally adjusted annual rate of 1.36 million, the most since June 2007 and up from a revised 1.22 million, as builders overcame a shortage of skilled workers and available land.

Construction of single-family homes rose 4.4% to 919,000. Building of apartments and condominiums surged 30.9% —biggest monthly gain since December 2016 — to 424,000.

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