Page last updated at 13:12 GMT, Thursday, 17 September 2009 14:12 UK

Rise in construction of US homes

Construction workers at a housing development in Virginia
US house building is rising again

Construction of US new homes rose at its fastest rate in nine months in August, boosting further hopes that the US economy is on its way to recovery.

New home building rose at a rate of 1.5% to an annual level of 598,000 properties. This marked a turnaround after construction fell in July.

The rise was driven by a 25% surge in multiple-family homes, the Commerce Department said.

Recent economic data shows the US economy could soon exit recession.

"This data shows that we are continuing to see improvement on the housing front after an extended period of decline. This suggests that the market is moving towards stability," said Alan Gayle at Ridgeworth Investments.

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