Have got to bode well for TCN's recent investments in the US. GLTA


A second report from the Commerce Department showed housing starts jumped 12.1 percent last month to a 954,000-unit annual rate, the highest level since June 2008.

Groundbreaking was boosted by a 20.3-percent surge in multi-family unit construction, with single-family starts rising 8.1 percent. Permits for future home construction rose 0.3 percent to a 903,000-unit rate, the highest since July 2008.

The housing market has regained some footing after a historic collapse that helped push the economy into its worst recession since the Great Depression. Residential construction in 2012 is expected to have contributed to growth for the first time since 2005 and is expected to be the key driver this year.

"Housing is a bright spot in the economy and we should see that continue into the end of the year," said Yelena Shulyatyeva an economist at BNP Paribas in New York.