Good news at last! New housing starts and permits unexpectedly rebounded in February! The Commerce Dept. said housing starts leaped 22.2% to a seasonally adjusted rate of 583,000 units from 477,000 units in January. This was the biggest percentage rise since January 1990 and also marked the first increase since last April!
New building permits, which guide us for a sense of future home construction, rose 3% to 547,000 units, from 531,000 units in January. That also marked the first advance in permits since last April.
Hey, we’ll take any good news that may signal our tools are going to start to get used again! Keep the move in the right direction baby!
