Single-Family Starts at Highest Rate Since June 2008

Single-family starts reached their fastest pace since June 2008, hitting a seasonally adjusted annual rate of 600,000, a 25.5 percent increase over February 2012, according to the new residential construction statistics released by the U.S. Department of Commerce. Privately owned housing starts were at a seasonally adjusted annual rate of 917,000 in February, 27.7 percent over the same time last year. The rate increased 0.8 percent compared with January's 904,000.

Building permits for privately owned housing were at a rate of 946,000, 4.6 percent over January and 33.8 percent over February 2012.

February's housing completions were at 711,000, down 0.6 percent from January but up 24.3 percent from February 2012.

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