U.S. housing starts climbed in February

Construction of new homes in the world's largest economy nudged up in February, while building permits rocketed to the highest level in almost five years, demonstrating progress in the housing market that's helping boost the economy. According to the Commerce Department, the U.S. builders broke ground on 917,000 homes at an annual rate, or 0.8% more than in the preceding month. At the same time, building permits, which are considered to be a proxy for future construction, advanced 4.6% to 946,000, climbing the most since June 2008. A report also showed that starts for single-family homes added 0.5% in February to a rate of 618,000, the highest level since June 2008. Due to stabilisation of property values, confidence is being returned to the housing market and, together with record low mortgage rates, more Americans could become homeowners.