Construction of new homes and apartments rose 4.7 percent in January. As builders were enthused by continued low mortgage rates and broke ground on the largest number of new homes and apartments since February 1984, when construction starts hit an annual rate of 2.26 million units.
The Commerce Department reported Wednesday that builders began construction on 2.16 million units at a seasonally adjusted annual rate last month, compared with a rate of 2.06 million units in December.
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