U.S. Housing Starts Hit Five-Year High

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Housing starts rose 27.7 percent in February from a year earlier, providing further evidence of the return of the U.S. housing industry.

The number of housing starts increased to 917,000 in February, up from 718,000 in the same month of 2012, according to data released today by the Commerce Department. Housing starts were up 0.8 percent since January.

The bulk of the housing starts were single family homes, which were up 31.5 percent from a year earlier, the highest number since 2008.

Building permits, a sign of future growth, are also up. The number of permits issued for privately-owned housing jumped 33.8 percent from a year ago, according to Commerce Department data.

The numbers are the latest good news for the U.S. property industry, which has noted several signs of recovery. Last week data from RealtyTrac showed a decline in the number of foreclosures. Data from Zillow also confirmed a steep drop in the inventory of homes available for sale.