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Construction of new privately-owned residences increased nearly six percent last month compared to August, according to a joint report by the U.S. Census Bureau and the Department of Housing and Urban Development. The report also showed housing starts to be 19.9 percent below the August 2005 rate.

“While housing starts have slowed from the record-setting, and unsustainable, pace of the past, the market remains robust,” said Bob Walters, chief economist for Quicken Loans. “With long-term mortgage rates remaining low and continued job growth across the country, we expect a strong close to the year.”

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