Housing starts dropped 22.5 percent in February, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. The drop, which follows a 14.6 percent spike in January, was largely due to a 47 percent decrease in apartment and condominium construction during the month. Single-family housing starts were 11.8 percent below January’s level. Despite recent volatility, new residential construction is expected to rebound this year, according to forecasts from industry experts and analysts. More here and here.

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SONY DSC