Housing Starts, Permits Jump in March

Washington, DC, April 19, 2011 --  Home construction starts rose 7.2% in March to an annual rate of 549,000, while permits rose 11.2%, the Commerce Department reported.

Also, housing starts in February were revised up to 512,000 from an original reading of 479,000.

Economists had expected housing starts in March to rise to an annual rate of 520,000 on a seasonally adjusted basis.

Permits for new construction increased to an annual rate of 594,000 from February's upwardly revised level of 534,000.

Permits for single-family homes, which account for three-quarters of the housing market, rose 5.7% to an annual rate of 405,000 last month.