Housing starts jumped dramatically in March to their highest level in five years, with total starts gaining almost 47% over last March and up 7% from February 2013.
According to the latest report from the Commerce Department, the seasonally adjusted annual rate reached 1.036 million, which Robert Wetenhell, of RBC Capital Markets, notes, is the first time housing starts have passed 1 million in the past 57 months.
“As home prices rose last year and continued their upward trajectory this year, builders have increasingly looked to raise money and put up new homes, decisions that will boost jobs in construction as well as related industries,” reports The L.A. Times.
Driving the gains were a surge in the building of multi-unit developments, which rose 31% from February.
More on the new numbers here and here.
