U.S. NEW HOME CONSTRUCTION SURGES.

WASHINGTON (Associated Press) – Construction of new homes and apartments in February was 22.2 percent higher than in January, according to a report issued today by the Commerce Department. Total activity was at a seasonally adjusted annual rate of 583,000 units.

Despite the increase, construction activity was 47.3 percent below where it was a year ago. Last month’s surge was led by a big increase in apartment construction, which can be highly volatile from month to month.

Increases were reported in all areas of the country except the West, which has been hardest hit by the current housing slump.