India, March 18 -- New residential construction in the U.S. rebounded by much more than anticipated in the month of February, according to a report released by the Commerce Department on Tuesday.
The Commerce Department said housing starts spiked by 11.2 percent to an annual rate of 1.501 million in February after plunging by 11.5 percent to a revised rate of 1.350 million in January.
Economists had expected housing starts to increase by 1.0 percent to an annual rate of 1.380 million from the 1.366 million originally reported for the previous month.
"Home builders picked up the pace of construction in February as improved weather in the South offered better conditions for housing starts," said Nationwide Economist Daniel Vielhaber.
He a...