Housing Starts Unexpectedly Surge

(from CNNMONEY.com  March 17, 2009

Government report shows construction of new homes jumped 22% in February.

Initial construction of US homes unexpectedly surged in February, after falling for eight months, according to a government report released on March 15.

Housing starts rose to a seasonally adjusted annual rate of 583,000 last month, up 22% from a revised 477,000 in January, according to the Commerce Department. It was the first time housing starts increased since June, when they rose 11%.

New home construction surged in the Northeast, jumping nearly 89% last month.  Starts also increased in the Midwest and South.