New Home Construction Up 22% in February

Increased demand for new housing starts in February have resulted in some good news!

The housing starts in February came in at 22.2% above what the revised January estimate predicted.  This equates to a seasonally adjusted annual rate of 583,000 (up from the revised January estimate of 477,000).  This is the biggest percentage gain in over 19 years and the first increase since April 2008.

Details on the New Residential Construction Starts for February 2009 can be found at:
http://www.census.gov/const/newresconst.pdf