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Housing construction posts unexpected surge, while wholesale prices moderate

Post Time:Mar 18,2009Classify:Industry NewsView:99

Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West.While the surge in construction was far better than the continued decline economists had expected, experts viewed the rebound as a temporary gain given all the problems the housing industry still faces.The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent in February compared with January, pushing total activity to a seasonally adjusted annual rate of 583,000 units, according to a March 17 AP report in Chicago Tribune.

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