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« Will Upgrading Your Home Help You Sell It? | Main | Housing woes lure back bold buyers » May 16, 2008Housing Starts Post Surprise RiseWASHINGTON -- Home construction turned up unexpectedly in April and showed surprising vigor, making the biggest increase in two years. However, the increase was driven by a surge in multi-family housing, while single-family starts dropped. Housing starts increased 8.2% to a seasonally adjusted 1.032 million annual rate, driven higher by a surge in apartment building construction, the Commerce Department said Friday. Starts plunged 13.8% in March to 954,000, the data showed; Commerce initially estimated March starts down 11.9% to 947,000. Economists surveyed by Dow Jones Newswires expected April starts to drop by 1.4% to a 934,000-unit annual rate. The 8.2% increase was the largest monthly climb since a 14.0% jump in January 2006. But year over year, housing starts were 30.6% below the level of construction in April 2007. Posted by Jeff Brooks on May 16, 2008 06:15 AM | Permalink TrackBackTrackBack URL for this entry: |