The government reported Tuesday a rebound in home construction and rising wholesale prices last month, the latest figures showing firmer demand amid the U.S. recession.
Home construction jumped by a seasonally adjusted 22% in February from the previous month following seven consecutive declines as apartment construction soared and single-family home-building edged higher, the Commerce Department said. Single-family home construction climbed 1.1% to a 357,000 annual rate, while groundbreaking on multifamily dwellings like townhouses and apartment buildings surged 82% to a 226,000 rate.
Jump in Home Construction Raises Market Hopes
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