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The U.S. Commerce Department reported that housing starts rose 22% in February to a seasonally adjusted annual rate of 583,000. The last time housing starts increased was in June, and this was the largest percentage increase in 19 years. The increase was driven primarily to starts in multifamily units, which were up 80%, while single family unit starts rose by a more modest 1.1%.
The U.S. Commerce Department reported that housing starts rose 22% in February to a seasonally adjusted annual rate of 583,000. The last time housing starts increased was in June, and this was the largest percentage increase in 19 years. The increase was driven primarily to starts in multifamily units, which were up 80%, while single family unit starts rose by a more modest 1.1%.
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