By Rex Nutting, MarketWatch
Last Update: 10:39 AM ET Mar 20, 2007
WASHINGTON (MarketWatch) — Groundbreaking on new homes rebounded by 9% in February after a 14% decline in January, but less volatile building permits declined by 2.5%, the Commerce Department reported Tuesday.
Housing starts increased 9% to a seasonally adjusted annual rate of 1.525 million in February from a revised 10-year low of 1.399 million in January, exceeding the expectations for a smaller increase to 1.46 million. Starts are down 28.5% compared with February 2006. Read the full government report.
Building permits, which are not as affected by weather, fell for the 12th time in the past 13 months, down 2.5% in February to a seasonally adjusted annual rate of 1.532 million from 1.571 million in January. Economists surveyed by MarketWatch expected permits to be roughly unchanged. See Economic Calendar.
Permits are down 28.6% compared with February 2006. They are one of the 10 leading economic indicators.
Permits for single-family homes fell to a nine-year low.
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