US Housing Market Shows Resilience in February

In a remarkable turnaround, the US housing market witnessed a significant 11.2% increase in housing starts in February, reaching 1,501,000, as reported by the US Census Bureau. This surge marks a notable recovery from the previous month, although it still reflects a 2.9% decrease compared to the same period last year.

Single-family housing starts were particularly strong, climbing by 11.4% to 1,108,000. However, the overall picture was slightly tempered by a 1.2% decline in building permits to 1,456,000, which also represents a 6.8% drop from February of the previous year. Single-family permits saw a minor decrease of 0.2%, settling at 992,000 for the month.