Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West. The Commerce Department reported today that construction of new homes and apartments jumped 22.2% in February compared with January, pushing total activity to a seasonally adjusted annual rate of 583,000 units. While the surge in housing construction was far better than the continued decline economists had expected, experts viewed the rebound as a temporary gain given all the problems the housing industry still faces. Meanwhile, the Labor Department reported that wholesale prices edged up a slight 0.1% in February as a big drop in food costs offset a second monthly increase in energy prices.
Housing starts surge; wholesale prices edge up
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