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Economy

Housing Starts Surged In March; Pace Is Fastest In 5 Years

A home under construction in Provo, Utah, earlier this year. George Frey /Landov hide caption

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George Frey /Landov

A home under construction in Provo, Utah, earlier this year.

George Frey /Landov

There was a 7 percent surge in housing starts last month, the Census Bureau and Department of Housing and Urban Development report.

As The Associated Press notes, the pace of construction — 1.04 million starts, at an annual rate — is the fastest in nearly five years and is another sign that the housing sector continues to recover from its 2007-08 crash.

Also Tuesday morning, the Bureau of Labor Statistics said consumer prices fell 0.2 percent in March. The driving factor was a 4.4 percent plunge in gas prices.