Despite production bottlenecks and rising construction costs, total housing starts led by a strong multifamily reading posted a solid gain in February as demand stays strong and existing inventory remains at low levels.
Overall housing starts increased 6.8% to a seasonally adjusted annual rate of 1.77 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is 22.3% above the rate posted a year earlier.