US housing starts jump 10.7% in February, rebounding from lowest since August

By Ovunc Kutlu

ISTANBUL (AA) - US housing starts jumped 10.7% in February, rebounding from their lowest level since August last year, according to data released Tuesday.

Housing starts, which measure the change in the number of new residential buildings beginning construction, stood at 1.521 million, according to the Census Bureau and the Department of Housing and Urban Development.

Market estimates for the figure were at 1.430 million, while the January figure was revised up from 1.331 million to 1.374 million.

Housing starts, meanwhile, were annually up 5.9% in February, compared to the same month of last year when they stood at 1.436 million.

Building permits, a key indicator of market demand, increased 1.9% to 1.489 million in February.

That figure came slightly lower than market expectations of 1.5 million. The January figure was revised up from 1.47 million to 1.489 million.

On an annual basis, building permits were up 2.4% in February, from the same month of last year when they stood at 1.482 million.