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 WASHINGTON (AP) - New home construction rebounded in February following a steep January slide. But analysts pointed to a further decline in building permits as a worrisome signal of future problems for the troubled housing industry.
Construction of new homes and apartments rose 9 percent in February to a seasonally adjusted annual rate of 1.525 million units, the Commerce Department reported Tuesday. Construction had fallen by 14.3 percent in January to the slowest pace in more than nine years.
Even with the better-than-expected rebound, activity remained 28.5 percent below the level of a year ago, underscoring housing's steep downturn.
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