According to CNNMoney.com: February’s 22% overall housing increase was driven by a nearly 80% increase in construction of multi-family homes. New construction of buildings with 5 or more units increased nearly 80% to 212,000 from 118,000 in January.
Applications for building permits, considered a reliable sign of future construction activity, rose 3% to a seasonally adjusted annual rate of 547,000 last month. Economists were expecting permits to fall to 500,000…read the full multifamily housing starts unexpectedly surge story.
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