US new home builds rebound
(03-19 21:15)
Construction of new US homes edged higher in February after a plunge in January, government data showed today in a report underscoring the recovery in the housing market.
Housing starts gained 0.8 percent to an annual rate of 917,000 in February, rebounding from a revised 7.3 percent monthly drop in January, the Commerce Department said, AFP reports.
Last month's pace of new construction was slightly weaker than expected, but nevertheless was nearly 28 percent higher than in February 2012.
Single-family housing starts, the most important segment of the market, were up 0.5 percent to its highest level since June 2008 and were up 31.5 percent from a year ago. New multi-unit construction rose 1.4 percent.
The midwest led the gains, with a 37.5 percent rise, followed by the northeast, up 18.4 percent. Starts fell by single digits in the west and south.
Building permits, an indicator of potential construction activity, came in stronger than expected, climbing 4.6 percent from January to an annual rate of 946,000.
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