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The US construction sector experienced a robust surge in February, largely offsetting a weak start to the year. According to the Commerce Department in Washington on Tuesday, the number of new housing starts rose by 10.7 percent compared to the previous month, surpassing economists' expectations of an 8.2 percent increase.
The significant uptick in construction starts in February follows a lackluster beginning to the year. However, the setback in January was not as severe as previously thought, as the Department revised the data, indicating a decline of 12.3 percent rather than the initially reported 14.8 percent.
Moreover, building permits in the US also saw a stronger-than-expected increase, rising by 1.9 percent in February. Economists had only anticipated a 0.5 percent increase.