Tuesday, March 17, 2009

First Time in 8 Months Housing Starts Up

Housing starts grew for the first time in eight months, rising by 22.2 per cent from January to an adjusted annual rate of construction of 583,000 in February, according to the Commerce Department.

The uptick was driven by the more volatile multi-family home sector, which saw housing starts climb by 79.7 per cent last month as builders broke ground on condominiums and townhouses. Single-family starts ticked up by 1.1 per cent in the month.

EPJ regular visitors shouldn't be surprised by the number, given the amount of money that has been pumped into the system. That said, it should be noted that winter numbers are heavily distorted by weather conditions.

Housing numbers become more important starting in April.

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