Builders Step Up Construction Due to Rising Demand
Homebuilders broke ground on homes in March at the fastest pace since June 2008, mostly fueled by a surge in apartment construction, the Commerce Department reports. Housing starts rose 7 percent in March from February, reaching the seasonally adjusted rate of 1.04 million.
Homebuilders have ramped up production as buyers rush to take advantage of continued housing affordability due to low mortgage rates.
The pace of homebuilding in March was nearly 46 percent higher compared to the same time last year.
Apartment construction led housing starts in March, soaring 31.1 percent, while single-family home construction dropped 4.8 percent read more