Groundbreaking to build new U.S. homes rose in February and new permits for construction rose to the highest level since 2008, a sign the nation’s housing market recovery is gathering steam.
The Commerce Department said on Tuesday that starts at building sites for homes rose 0.8 percent last month to a 917,000-unit annual rate. That was in line with analysts’ expectations of a 915,000-unit rate.
Starts for single-family units, which comprised about two thirds of the total, edged up 0.5 percent to their highest level since June 2008.
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