New housing starts surged in February from a record low the month before, the Commerce Department said Tuesday.
The 22% gain to an annual rate of 583,000 was the biggest jump since 1990, Commerce said.
Condominiums and apartment buildings were the main force behind the jump, Commerce said. Multi-family units rose 82%.
Total starts were projected to fall to an annual rate of 450,000 units, from January’s revised 477,000 level, Bloomberg reported.
Building permits, an indicator of new construction, increased 3% to an annual pace of 547,000 units.
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