As has been mentioned many times already, a true US recovery is not possible until the housing sector improves. On that front, some good news was released this morning, as the Commerce Department announced that housing starts rose to a 16-month high based on an increase of 1.6 percent following the strong growth of 5.7 percent in February.
Of note however, is that most of the increase can be attributed to the building of multi-family homes a single-family dwellings actually fell by 0.9 percent.
Source: Associated Press
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