Housing Starts Stronger than Expected in April

The pace of home construction jumped to its highest level since last November. The news comes as a surprise to analysts. Bloomberg.com reports that housing starts climbed 13.2 percent to a 1.07 million annualized rate following March’s 947,000 pace, the Commerce Department said. The increase in housing starts was dominated by multifamily construction, such as condominiums and apartment buildings, according to Bloomberg.com.