Wednesday, March 18, 2009

New-home construction logs unexpected gain

"The government says construction of new homes rose sharply in February, defying economists' forecasts for yet another drop in activity."

"The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent from January to a seasonally adjusted annual rate of 583,000 units. Economists were expecting construction to drop to a pace of around 450,000 units."

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