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Check out this story on CancelSend A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. ET March 16, 2017 | Updated 1:26 p.m. ET March 16, 2017 Home construction on the rise (Photo: Jeff Roberson, AP) 39 CONNECT TWEET 3 LINKEDIN COMMENTEMAILMORE New residential construction climbed to a four-month high in February despite rising mortgage rates, led by the strongest pace of single-family homebuilding since 2007. Housing starts rose 3% to a seasonally adjusted annual rate of 1.288 million, according to the Commerce Department, beating economists' median estimation of 1.265 million.Housing starts are running 7.5 percent higher than they did during the first two months of 2016. Almost all of the gains were from construction of single-family houses, which rose 6.5% to an annual rate of 872,000. Multifamily starts fell by 3.7% to a pace of 416,000. Homebuyers should be pleased with todays new construction numbers, as both permits and completions were up in February,".says Ralph McLaughlin, chief economist at Trulia, the online residential real estate site."This means a healthy dose of new homes will be available Construction loan Melbourne Oak Laurel Yarraville, this spring in an otherwise inventory-constrained market, Homebuilding may have benefited from warmer winter weather last month, and continues to be supported by strong job growth and healthy household finances thatgive prospective buyers the ability to purchase homes. Yet higher mortgage costs, rising property values and a shortage of lots pose hurdles for home builders. Housing permits, agauge of future construction, decreased 6.2% to a rate of 1.21 million.