Multifamily Construction

Housing construction rebounded by more than expected in February, led by a surge in multifamily projects. New U.S. home construction rose for the first time in six months, according to data from the U.S. Census Bureau. Residential starts increased by 9.8% from January to an annualized rate of 1.45 million. This greatly exceeds estimates from economists surveyed by Bloomberg, who expected a pace of 1.31 million. Permits for new homes also increased, up by 13.8% to a rate of 1.52 million. Permits offer an indication of how many homes will be built in the coming months. Both multifamily and single-family construction saw gains, though multifamily had the best showing with a 24% increase, the most in almost two years. Rents…