Commerce Department: Housing-Building Pace at Highest Level in 16 Years

Thursday, February 20, 2003 - 1:45AM

Marking the fastest pace of housing construction in 16 years, builders began work on 1.85 million housing units in January, according to Commerce Department figures released this week. The bulk of this activity was in the single-family sector, as multifamily housing starts declined 7.6 percent to a 340,000-unit rate following a 3.1 percent rise posted in December.

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