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Wealth
Economics

Housing Starts in U.S. Rebound to Fastest Pace Since Mid-2006

  • New construction rose 6.8% in February to 1.77 million pace
  • Permits eased but remain elevated near multi-year highs
Single family homes under construction in Lehi, Utah.

Single family homes under construction in Lehi, Utah.

Photographer: George Frey/Bloomberg
Updated on

New U.S. home construction rebounded in February to the strongest pace since 2006, suggesting builders had greater success navigating material and labor constraints in the month. 

Residential starts increased 6.8% last month to a 1.77 million annualized rate, according to government data released Thursday. Applications to build, a proxy for future construction, eased to an annualized 1.86 million units, though remained elevated.