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Housing Starts jump in August

According to data released Tuesday by the U.S. Department of Commerce, the seasonally adjusted annual rate of total housing starts for August stood at 598,000, up 10.5% from the downwardly revised July estimate and 2.2% above the August 2009 rate of 585,000. Despite the growth, the numbers continue to reflect a struggling market in residential construction. Building permits increased 1.8% in August to 569,000 from the revised July rate of 559,000, and is 6.7% below August 2009 levels. 

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