Housing Starts Up in February

WASHINGTON (Reuters) – U.S. housing starts and permits rebounded in February from record lows, rising for the first time in 10 months, according to data on Tuesday that gave a glimmer of hope for the recession-hit economy.

Analysts said while the data did not mark a change in trend for the depressed housing market, it hinted at some stability that could ease pressure on the economy going forward.

The Commerce Department said housing starts jumped 22.2 percent to an annual rate of 583,000 units last month from 477,000 units in January. It was the biggest percentage rise since January 1990 and the first gain since April.