WASHINGTON (dpa-AFX) - After reporting a sharp pullback in new residential construction in the U.S. in the previous month, the Commerce Department released a report on Tuesday showing housing starts rebounded in the month of March.
The report said housing starts jumped by 1.9 percent to an annual rate of 1.319 million in March after tumbling by 3.3 percent to a revised 1.295 million in February.
Economists had expected housing starts to increase by 2.1 percent to a rate of 1.262 million from the 1.236 million originally reported for the previous month.
The Commerce Department said building permits also surged up by 2.5 percent to an annual rate of 1.354 million in March after slumping by 4.1 percent to a revised 1.321 million in February.
Building permits, an indicator of future housing demand, had been expected to climb by 1.9 percent to a rate of 1.323 million from the 1.298 million originally reported for the previous month.
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