New residential construction in the U.S. unexpectedly saw a significant rebound in the month of April, according to a report released by the Commerce Department on Wednesday.
The report said housing starts jumped by 2.2 percent to an annual rate of 1.401 million in April after plunging by 4.5 percent to a revised rate of 1.371 million in March.
Economists had expected housing starts to drop to an annual rate of 1.405 million from the 1.420 million originally reported for the previous month.
Meanwhile, the Commerce Department said building permits slumped by 1.5 percent to an annual rate of 1.416 million in April after tumbling by 3.0 percent to a revised rate of 1.437 million in March.
Building permits, an indicator of future housing demand, were expected to climb to a rate of 1.430 million from the 1.413 million originally reported for the previous month.
