Housing starts rise in February

Housing starts rose 3 percent from January to February, according to the U.S. Census Bureau. Construction increased to a seasonally adjusted annual rate of 1.288 million compared with a revised estimate of 1.251 million in January.

Single-family housing starts rose 6.5 percent. Building permit applications, which are viewed as a barometer of future construction, decreased 6.2 percent in February to 1.213 million.

Housing starts are far above the annual rate of 478,000 in April 2009, which was the recession low, and they were 6.5 percent higher in February than in February 2016. A 1.5 million annual rate still is needed to be considered healthy.

Date : 3/17/2017