Residential starts increased 10.7% in February, the largest since May, to a 1.52 million annualized rate, government data showed. The median estimate of economists surveyed by Bloomberg called for a 1.44 million pace. Building permits rose to a 1.52 million rate, the fastest since August.

Westchester County

Residential construction in the United States experienced a significant recovery in February, with housing starts witnessing a 10.7% increase. This surge is noted as the largest since May, taking the annualized rate to 1.52 million, according to government data. Economists surveyed by Bloomberg had anticipated a lower pace of 1.44 million.

Moreover, the issuance of building permits, an indicator of future construction activity, also saw an upturn in February. Building permits reached a 1.52 million rate, marking the quickest pace since August. This development suggests a potentially stronger outlook for the U.S. residential construction sector in the coming months.



U.S. housing starts rebounds in February

we were expecting a rebound in housing starts and we definitely got one weather improves in February and so do the number of holes in the ground 10.7% increase to a 1,000,521,000 annual rate for housing starts building permits also up significantly 1.9% to 1,000,518,000. That's from a decline of three tenths the prior month. So it looks like homebuilders are gearing up for the spring selling season. This is one of those interesting numbers that we expect to keep going up because there's not enough houses for sale. So it's not so much that it's when do we get more housing for sale from the existing home markets. I know you've got some smarter economists that you can talk to about it because it's all a question of interest rates at this point. Well Mike it's sort of an upside down world. Rates have gone up to 5.5% but supplies been constrained and prices have gone higher. Mike can you make sense of some of this for us? Well that's one of the problems that the Fed faces is that normally they would affect housing. They would bring housing down and people would sit and wait and then when they cut rates people would go out and buy houses again and then prices would rise. In this case because so many people locked in to very low rates prices are rising because there's nothing on the market to buy and the Fed is not being able to have the same kind of influence it has on interest rate sensitive sector of the economy. The biggest one. Mike I'm really struck by the fact that yes we did see a rebound but it was even bigger than people had previously expected right. And this has been sort of the theme that we keep getting that instead of being 1.4 million it was 1.52 million. I just wonder when you take a look at this what that suggests to you about how economists continue to under ball or low ball some of the growth and some of the desire to keep building and expanding. Well it all depends on what numbers you look at. The ISM numbers for example suggest that we're seeing some manufacturing business slow down. The thing about housing is there is a big built-in demand. A lot of people want to buy houses and there's not enough houses for sale. What these numbers may suggest is that the supply chains for building materials have gotten a lot better and that builders are able to find workers construction workers to follow through on their building permits. So this is one category the new whole construction area where things have been a little bit better than have been expected.

At least four people are dead, including an infant, after a series of tornadoes swept across Oklahoma. The weather system is threatening the region with more twisters, heavy rain and large hail in a band stretching from Missouri to Texas.

Sulphur

At least four dead in Oklahoma tornadoes

Italian Prime Minister Giorgia Meloni said she would stand in upcoming European Parliament elections, a move apparently calculated to boost her far-right party, although she would be forced to resign immediately under EU rules.

Pescara

Italian far-right PM Meloni says will stand in EU elections

At least four people died, including a four-month-old baby, in Oklahoma this weekend, after dozens of twisters swept the U.S. Southern Plains. The White House said, President Joe Biden has pledged federal support for Oklahoma as well as other states hit by severe storms.

Oklahoma

Deadly tornadoes rip through Oklahoma

The Sydney Bishop targeted in an alleged terror-related attack a fortnight ago has made a surprise appearance before his congregation in Western Sydney. Bishop Mar Mari Emmanuel saying he forgives his attacker, who is facing terrorism charges.

Wakeley

Sydney bishop returns to pulpit after stabbing

Prime Minister Anthony Albanese has been slammed by protest leaders for his involvement in a protest against gendered violence in Canberra at the weekend. Organisers hitting out at the Labor leader on social media, calling him a 'liar'.

Canberra

Protest leaders hit out at Prime Minister over power 'abuse'

U.S. President Joe Biden spoke with Israeli Prime Minister Benjamin Netanyahu and "reiterated his clear position" on a possible invasion of the Gaza border city of Rafah, the White House said.

Tel Aviv-Yafo

Israel-Gaza War

Biden tells Netanyahu U.S. doesn't support Rafah assault

Ukraine's top general says his troops have been forced to retreat as fighting on the country's eastern front intensified. Kyiv's forces have fallen back to new positions in at least three places along the front, west of the Donetsk region.

Donetsk

Ukraine Invasion

Ukraine troops retreating on eastern front

Tesla CEO Elon Musk arrived in Beijing on an unannounced visit, to meet senior officials to discuss the rollout of Full Self-Driving software and permission to transfer data overseas, according to a person with knowledge of the matter.

Shanghai

Elon Musk makes surprise visit to China

Hamas's armed wing released video of two men held hostage in Gaza who are seen alive and urging Israeli authorities to strike a deal for the release of all the remaining captives.

Rafah

Hamas releases video of two Israeli hostages

Defence Minister Richard Marles has revealed a fresh aid package to support Ukraine in its war with Russia, including $30 million in funding for drones. It marks more than one billion dollars in funding from Australia since the war began.

Lviv

Australia announces $100m in Ukraine aid

Tens of thousands of people have marched across the country calling for an end to violence against women. The Prime Minister addressed the crowd in Canberra where he called the issue a 'national crisis'.

Prime Minister joins rally calling for end to gendered violence

Israeli protesters have shut down streets in Tel Aviv demanding the release of hostages and the political end of Israeli Prime Minister Benjamin Netanyahu. Anger has been growing inside Israel as the Gaza war drags on for more than 200 days.

Thousands block Tel Aviv streets in protest

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Israel 'gearing up' for Rafah ground offensive

Ohio police released video of a Black man who died at a local hospital after repeatedly telling officers "I can't breathe" as they pinned him to the floor of a bar and handcuffed him, evoking memories of the killing of George Floyd in 2020.

Canton

'I can't breathe' man tells Ohio cops before death

Witnesses in Gaza reported fresh Israeli strikes overnight around Rafah. It comes as Hamas says it is considering an Israeli ceasefire proposal, after a delegation from Egypt arrived in Israel to resume stalled negotiations.

Sderot

Gaza hit by fresh strikes amid ceasefire talks

The US military has started building a large floating pier off Gaza's coast to facilitate the delivery of humanitarian aid, the defence department has said. Ships will deliver aid from Cyprus to the pier where it will be loaded onto trucks to transfer across Gaza.

Jerusalem

US begins building floating base to boost aid

King Charles will return to his public duties next week for the first time since his February cancer diagnosis, visiting a cancer treatment centre. There fears his Australian trip will be delayed, while he continues treatment for his own cancer battle.

Windsor

King Charles resuming public duties but Australian trip in limbo

Demonstrations have taken place across the country after a spate of domestic violence deaths, including Molly Ticehurst. Protestors held signs saying ‘no more’ calling for immediate action against male-inflicted violence.

Council of the City of Sydney

Thousands rally across Australia against domestic violence

The Russian and Turkish flags were lowered to mark the closure of a center set up to monitor a ceasefire in Nagorno-Karabakh, as Russian peacekeepers ended a multi-year deployment in the strategic South Caucasus region.

Baku

Nagorno-Karabakh ceasefire center closes as Russia withdraws

Britain's King Charles will return to public duties next week for the first time since being diagnosed with cancer as he makes good progress following treatment and a period of recuperation, Buckingham Palace said.

London

King Charles to resume public duties after cancer diagnosis

Students blocked access to Paris' prestigious Sciences Po university over the war in Gaza on Friday (April 26), demanding the institution condemn Israel's actions, in a protest that echoed similar demonstrations on U.S. campuses.

Paris

Pro-Palestinian protesters still occupying Sciences Po campus

The number of people killed in floods in Kenya due to heavier than usual rainfall since the start of the monsoon in March has risen to 70, a government spokesperson said Friday. Kenya and other countries in East Africa, a region highly vulnerable to climate change, have been pounded by heavier than usual rainfall in recent weeks, compounded by the El Nino weather pattern.

Nairobi

Climate Crisis

Kenya flood death toll since March climbs to 70

An Australian journalist has been named as a key figure in Donald Trump's criminal trial. Dylan Howard, the former editor of the National Enquirer in the U.S. accused of buying and burying negative stories as part of a deal to help him become President.

New York

U.S. Presidential Election

The Australian journalist caught up in Trump trial

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Marsden Park

Mourners farewell Bondi security guard Faraz Tahir

After a crucial hearing, U.S. Supreme Court justices are weighing arguments for and against Donald Trump's claims of presidential immunity from 2020 election interference charges, but a ruling will take time.

Washington

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Disgraced movie mogul Harvey Weinstein’s 2020 rape conviction has been overturned after New York’s highest court ruled the trial judge improperly allowed women to testify about allegations against him that were not part of the case.

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Palestinians have begun evacuating Rafah as Israel steps up airstrikes. Israel plans to go forward with a ground operation in the southern Gaza city despite warnings from allies that it could cause mass casualties.

Israel steps up airstrikes on Rafah ahead of ground operation

After weeks of delays, Haiti is due to swear in a presidential transition council. Gang violence has devastated the economy and social services are on the brink of collapse. Gang leaders say talks over Haiti's political future must include them.

Port-au-Prince

Haiti interim transition council to be sworn in

Israeli forces are carrying out "offensive action" across southern Lebanon, Defence Minister Yoav Gallant said without specifying whether ground troops had crossed the border. He also claimed that "half of Hezbollah's commanders in southern Lebanon have been eliminated" in months of violence.