The U.S. Commerce Department reported this week the country’s housing starts in February shot up by 9.8 percent to an annualized rate of 1.45 million units. In a Reuters poll, analysts projected a rate of 1.31 million units. In the single-family segment, starts edged up 1.1 percent to a rate of 830,000 units.
January’s preliminary estimate of 841,000 units was revised downward to a rate of 821,000 units. Building permits for the month soared by 13.8 percent to a rate of 1.524 million units, with single-family permits up 7.6 percent to a rate of 777,000 units