U.S. builders began home construction projects in March at an annual rate of 1.04 million, the fastest pace in nearly five years, the government said Tuesday in a report that signals further strength in the housing market ahead of the spring home-buying season. The Commerce Department said builders increased their pace of construction last month 7 percent from February. The gain was driven by a 31.1 percent increase in apartment construction, which often is volatile month to month. Single-family home construction, which represents about two-thirds of the market, fell 4.8 percent in March, down from a nearly five-year high in February. Applications for building permits, considered an indicator of future construction, fell 3.9 percent to an annual rate of 902,000.
