Home construction jumps to fastest pace since 2006
WASHINGTON — U.S. housing construction rebounded strongly in March to the fastest pace since 2006 as home builders recovered from an unusually frigid February that shut down projects.
Builders began construction on new homes and apartments at a seasonally adjusted annual rate of 1.74 million units in March, the Commerce Department reported Friday, a 19.4% increase over February when housing construction fell by 11.3%. It was the fastest pace for building since a level of 1.8 million in June 2006 during the last housing boom.
According to the report, applications for building permits, a good sign of future activity, increased by 2.7% to a seasonally adjusted annual rate of 1.77 million units. Economists expect housing construction to remain strong this year given the record low level of homes for sale.
Housing was one of the star performers last year in an economy struggling with a global pandemic.
