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Financial News: U.S. Housing Starts Rebound More Than Expected In

U.S. Housing Starts Rebound More Than Expected In February

03/19/2024 - 08:41:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Tuesday showed a substantial rebound in new residential construction in the U.S. in the month of February.

The Commerce Department said housing starts spiked by 10.7 percent to an annual rate of 1.521 million in February after plunging by 12.3 percent to a revised rate of 1.374 million in January.

Economists had expected housing starts to surge by 7.1 percent to a rate of 1.425 million from the 1.331 million originally reported for the previous month.

The report also said building permits shot up by 1.9 percent to an annual rate of 1.518 million in February after dipping by 0.3 percent to a revised rate of 1.489 million in January.

Building permits, an indicator of future housing demand, were expected to jump by 1.7 percent to a rate of 1.495 million from the 1.470 million originally reported for the previous month.

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