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>Surprise: New Housing Construction Up!


New-home construction logs unexpected gain (AP)

Construction worker Nate McCabe saws a board at a single family home construction site in Omaha, Neb., Monday, March 16, 2009. The Commerce Department reported Tuesday that housing construction surged 22.2 percent in February to a seasonally adjusted annual rate of 583,000 units. Even with the big gain, which took economists by surprise, construction activity is 47.3 percent below the level of a year ago as the housing sector remains mired in its worst slump in decades. (AP Photo/Nati Harnik)AP – The number of new housing projects that builders broke ground on in February rose sharply, defying economists’ forecasts for yet another drop in activity.

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