New Home Construction Surge in February
New home construction surged in February, with housing starts jumping 11.2 percent to a rate of 1.5 million, exceeding expectations. The increase was led by a strong rebound in single-family homebuilding, indicating builders are responding to demand despite concerns over mortgage rates and supply constraints.
Key Points
- Strong rebound in single-family homebuilding
- Significant surge in housing starts
- Builders responding to demand despite concerns
Pros
- Housing starts increased by 11.2 percent, surpassing expectations.
- Single-family homebuilding saw a significant rebound, with a 11.4 percent rise to a pace of 1.11 million.
- Multi-family construction also posted a 10.7 percent increase.
Cons
- Building permits declined by 1.2 percent, indicating caution among builders for future projects.