New US home construction rebounds in February

Washington

CONSTRUCTION of new US housing rebounded in February to its highest level in four months, the Commerce Department reported on Thursday. And construction starts on single-family homes jumped to the highest level in nearly 10 years, as the tight housing sector showed signs of adding supply to meet strong demand.

During the unseasonably warm month of February, total housing starts rose 3 per cent to a seasonally-adjusted annual rate of 1.29 million units, its highest level since October. The result was in line with analyst forecasts and 6.2 per cent above the results recorded in the same month last year.