U.S. Housing Starts Cooled in February After Robust January
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U.S. new-home construction cooled by more than expected in February on a reversal in the volatile multifamily category, while building remained on pace to contribute to economic growth this quarter, government figures showed Friday.
Even with February’s decline, the results indicate homebuilding is continuing the progress made last year, with demand supported by a tight job market and steady pay gains. Mortgage rates remain historically low despite recent increases and consumer confidence is elevated as tax cuts aid disposable income.