There are now 799,000 single-family homes under construction, a 28.3% year-over-year gain, according to government numbers released last week.
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 US Department of Housing and Urban Development and the US Census Bureau. This is 22.3% above the rate posted a year earlier.
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