Both housing starts and building permits rebounded in February, according to official statistics released on Tuesday.

According to the Commerce Department, housing starts rebounded by 10.3% last month to a seasonally adjusted annualized rate of 1,521,000, a much stronger rebound than expected.

The number of building permits issued in February rose by 1.9% to an annualized rate of 1,518,000, again exceeding financial market expectations.

Economists were expecting a rebound in both statistics in February, after the unfavorable weather in January had weighed heavily on the residential construction sector.

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