U.S. housing construction rebounded strongly in March with home builders recovering from an unusually frigid February.
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%.
Severe storms raked several regions of the country in February, setting construction back.
Friday’s report showed that application for building permits, a good sign of future activity, increased by 2.7% to a seasonally adjusted annual rate of 1.77 million units.
