Tuesday, April 09, 2013 / by Nathan Clark
Housing starts in theUnited Statesrose in February to their highest level since 2008, according to the U.S. Commerce Department.
The increase in February was 0.8 percent higher than the month before, according to the Commerce Department, hitting an annual rate of 917,000 units. That’s the highest mark since June of 2008, a span of nearly five years.
Additionally, the permits for future housing starts increased to an annualized rate of 946,000 units, also the highest since June of 2008. Last year marked the first since 2005 that home building contributed to overall economic growth, according to NBC News, and home building is expected to grow throughout this year.