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Home building ramps up in February

Housing starts rebounded in February, hitting the highest levels since November 2007, according to U.S. Census data.

Overall starts rose to an annualized rate of 1.178 million, which was up 5.2 percent compared to the January estimate and nearly 31 percent higher to the level a year ago.

Single-family starts totaled 822,000, 7.2 percent higher than the January figure.

Housing analysts have predicted that home construction would ramp up this year, as several local markets have experienced solid price gains and tight inventories.

 “February’s single-family gains indicate that this sector is strengthening in line with our forecast,” said National Association of Home Builders Chief Economist David Crowe in a news release. “As the U.S. economy firms, job creation continues and mortgage interest rates remain low, we should see further growth in housing production moving forward.”


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