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U.S. Housing Starts Unexpectedly Rise to Fastest Pace Since 2006

  • Construction reaches 1.79 million pace on multifamily projects
  • Number of homes under construction continued to rise in March
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New Home Construction Rises to Highest Level Since 2006
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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.