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Housing starts in the United States rose for the first time in eight months in February offering a faint ray of hope for the flailing economy.
According to US Commerce Department figures, new housing starts rose 22 per cent in February compared to January to a seasonally adjusted annual rate of 583,000.
The country still has a long way to go however if activity is to return to anywhere near levels recorded just one year ago; compared to February 2008 starts are down by 47 per cent.
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