US housing starts surge 10.7% in February, reaching a seasonally-adjusted 1.52 million, indicating improving housing market conditions.
In February, US housing starts saw a significant surge of 10.7%, reaching a seasonally adjusted annual rate of 1.52 million, according to the Commerce Department. This marks the highest level since May and is a notable jump from January's 12.3% decline. Single-family home construction also experienced a two-year high, while multifamily home starts rose by 8.3% after a previous decline. The increase in housing starts indicates that the housing market is improving, as builders are taking advantage of limited resale inventory and more favorable mortgage rates.
March 19, 2024
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