New home construction up 22.2% in February

MAR 17, 2009
By  Bloomberg
The government says construction of new homes rose sharply in February, defying economists' forecasts for yet another drop in activity. The Commerce Department reported Tuesday that contruction of new homes and apartments jumped 22.2 percent from January to a seasonally adjusted annual rate of 583,000 units. Economists were expecting construction to drop to a pace of around 450,000 units. Revised figures show construction activity fell to a pace of 477,000 units in January. That was a little higher than first reported but still marked a record monthly low.

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