New Home Construction Jumps

Today the U.S. Department of Commerce released a report showing new home construction in March hit its highest rate in almost 5 years! New home starts in March were up 47% from the same period last year, the largest year-over-year growth since 1992!

Apartment construction,  led the surge: It jumped nearly 31 percent to an annual rate of 417,000, the fastest pace since January 2006.

On the negative side, single-family home building, which makes up nearly two-thirds of the market, fell 4.8 percent to an annual rate of 619,000.