US home construction rebounds | The Daily Star
12:00 AM, March 10, 2019 / LAST MODIFIED: 12:25 AM, March 10, 2019

US home construction rebounds

Construction of new US homes jumped in January, reversing the declines seen in recent months, government data showed Friday.

A flurry of activity in the South as well as in the normally frigid Northeast and Midwest sent construction of single-family homes up to its fastest pace in a decade for those regions, the Commerce Department reported.

Meanwhile, new building permits, which are a sign of supply in the pipeline, showed a shift toward apartments and more weakening in the key single-family segment.

Total housing starts rose 18.6 percent to a seasonally adjusted 1.23 million units, overshooting economists' expectations.

Construction started on single-family homes rose 25.1 percent to an annual rate of 926,000.

Economists said December's sudden fall in construction was inspired by the rout on Wall Street, which decimated Americans' net worth.

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