Privately owned housing starts jumped 19.4% from February’s revised estimate to a seasonally adjusted annual rate of 1,739,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development
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Housing starts saw a double-digit decrease in February thanks to a spate of winter storms nationwide.
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Growth in the single-family sector drove the rise in both housing starts and building permits in December.
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Americans are looking to buy homes in the suburbs, but construction firms can’t keep pace with demand.
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Despite the rise in interest, buying a newly-built home is fast becoming a more expensive proposition, thanks to the rising cost of lumber.
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