Gains in Permits Signal Sustained U.S. Housing Rebound

Builders began work on more houses in February and permits for future construction climbed to the highest level in almost five years, pointing to a sustained rebound that will help power the U.S. expansion.

Housing starts climbed by 0.8 percent last month to a 917,000 annualized pace, the Commerce Department reported today in Washington. Permits rose 4.6 percent to a 946,000 rate, the most since June 2008.