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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
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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.