Groundbreaking for new U.S. home construction soared in February, jumping 22.2% to a seasonally adjusted annual rate of 583,000 units as building permits climbed 3.0% to an annual rate of 547,000 units, according to Commerce Department data released yesterday.

The rate for housing starts surpassed the 450,000 level predicted by Thomson Reuters’ poll of economists. Thomson had projected a 500,000 rate for permits.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.