New U.S. home construction rose unexpectedly in March to the highest level since 2006, boosted by multifamily projects as builders seek to replenish housing inventory.
Residential starts climbed 0.3% last month to a 1.79 million annualized rate from an upwardly revised February figure, according to government data released Tuesday. Applications to build, a proxy for future construction, climbed to an annualized 1.87 million units.
