US home construction rebounds in March after frigid February

April 16, 2021 Martin Crutsinger, Associated Press Article, Business
FILE - In this Sept. 25, 2020 file photo, a "sold" sign sits on a lot as new home construction continues in Westfield, Ind. Mortgage rates fell for the first time in more than two months as buyers continue to be stifled by high prices and limited supply. (AP Photo/Michael Conroy, File)

WASHINGTON, D.C. — U.S. housing construction rebounded strongly in March with home builders recovering from an unusually frigid February.

Builders began construction on new homes and apartments at a seasonally adjusted annual rate of 1.74 million units in March, the Commerce Department reported Friday, a 19.4% increase over February when housing construction fell by 11.3%.

Severe storms raked several regions of the country in February, setting construction back.

Friday’s report showed that application for building permits, a good sign of future activity, increased by 2.7% to a seasonally adjusted annual rate of 1.77 million units.

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