Home construction declines

New home construction and building permits fell in February, according to a government report issued Tuesday, but both readings beat economists' expectations.

Construction of new homes fell to an annual rate of 575,000 during the month, down 5.9% from January's revised rate of 611,000, the Commerce Department said. It was an increase of 0.2% from the 574,000 rate in February 2009.

Economists surveyed by Briefing.com expected February housing starts to dip to an annual rate of 570,000.

The number of building permits issued during February fell to a seasonally adjusted annual rate of 612,000. That was 1.6% below the revised January rate of 622,000, but up 11.3% from the February 2009 rate of 550,000.

Read Full Article from CNNMoney.com

- Posted: 2010-03-16 10:57:51

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