WASHINGTON (AP) — Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West.
The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2% in February compared with January, pushing total activity to a seasonally adjusted annual rate of 583,000 units.
While the surge in housing construction was far better than the continued decline economists had expected, the housing industry still faces problems.
Even with the big increase, construction activity remains 47.3% below where it was a year ago. The strength in February was led by a big increase in apartment construction, which can be highly volatile from month to month.
No comments:
Post a Comment