US Homebuilding Surges in February, Permits Show Smaller Increase
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New home construction in the US experienced a significant rebound in February, with residential starts increasing by 10.7% to a 1.52 million annualized rate, the largest since May . Single-family home construction reached a two-year high, while multifamily home starts rose by 8.3% after a steep drop the previous month . The rise in housing starts indicates that builders are benefiting from slightly more favorable mortgage rates and a shortage of existing houses for sale .
Building permits, which serve as a proxy for future construction, also saw an increase, rising to a 1.52 million rate, the fastest since August . This suggests that the momentum in new home construction is likely to continue in the coming months . However, the increase in permits was smaller, at 1.9% in February, indicat...
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