While the U.S. home construction fell for a third month in February, the applications for building permits kept rising.
The Commerce Department said that in February, construction work began on 907,000 homes. Compared to January when the overall construction had fallen by 11.2% (as per same period last year), that’s 0.2% down.
All is blamed on the consistently bad weather in much of the country during those months.
On the brighter note, applications for building permits rose a solid 7.7% in February to 1.02 million units. Expectations are that with the stronger economy this year, housing sales will show steady increase. The rise of permit applications pushed activity to the highest level since October’s 1.04 million rate, which had been the fastest pace since June 2008.
In February, the construction of single-family homes rose only by 0.3% to an annual rate of 583,000. On the other hand, the apartment building dropped by 1.2%, or a rate of 324,000 units.
Despite the fact that housing is still a long way from the boom of several years ago, many economists predict that sales of both new and existing homes will rise in 2014.
Read the full story at Statesman.com via Associated Press.