New housing construction rises more than expected

pulse

March 16, 2017 12:12 PM

Builder confidence is at a 12-year high, according to the National Association of Homebuilders.

Scaffolding is seen at the construction site of a new home in Carlsbad

New residential construction was stronger than expected in February, according to the Commerce Department.

On Wednesday, the National Association of Homebuilders said in a monthly report that its members' confidence in the housing market was the strongest in 12 years.

Housing starts rose 3% at a seasonally adjusted annual rate of 1.288 million, while building permits fell 6.2% a rate of 1.213 million.

Economists had forecast that starts rose 1.4% at a seasonally adjusted annual rate of 1.264 million, according to Bloomberg. They had estimated that building permits dropped 1.9% at a rate of 1.268 million.

Housing-market data like these tend to be volatile and subject to revisions on a month-to-month basis.

pulse