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US home building rose slightly in March, led by apartments

Posted: 7:44 AM, Apr 17, 2018
Updated: 2018-04-17 08:44:00-04

U.S. builders broke ground on more apartment buildings last month, pushing up overall home construction 1.9 percent.

The Commerce Department says housing starts rose in March to a seasonally adjusted annual rate of 1.32 million, driven by a big 16 percent gain in apartment buildings. Single-family home construction slipped 3.7 percent.

Home construction has grown steadily since the housing crash bottomed out in 2012 and has emerged as a potential source of long-term economic growth. The pace of homebuilding is still below its long-run average of about 1.5 million houses and apartments a year. And millennials are increasingly moving out on their own and seeking to buy homes.

Home construction rose nearly 11 percent in March from a year earlier, the government said. Single-family home construction is up 5.2 percent.

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4/17/2018 7:38:50 AM (GMT -5:00)