US Housing Starts Rise by Most Since May After Steep Decline
- Residential starts rebounded last month after winter weather
- Building permits advanced to fastest pace since August
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New US home construction bounced back sharply last month from weather-related weakness at the start of the year as builders benefit from slightly more favorable mortgage rates and a dearth of existing houses for sale.
Residential starts increased 10.7% in February, the largest since May, to a 1.52 million annualized rate, government data showed Tuesday. The median estimate of economists surveyed by Bloomberg called for a 1.44 million pace.