The start of the spring buying season has been a good indicator to better times ahead. Increased home prices and a higher buyer demand signal a continuing strength in the housing recovery. And of those positive indicators, the construction industry is definitely revealing itself to be an additional driving force in the new economy. According to a recent report, U.S. homebuilders reached the 1 million mark in March
--a number that hasn't been reached since 2008. The Commerce Department revealed on Tuesday that the overall pace of home building rose 7% from February to March, to a seasonally adjusted annual rate of 1.04 million. And what led the surge, you may ask? Apartment building. Yes, in comparison to single-family homebuilding (which leads 2/3 of the market) apartment construction "jumped nearly 31% to an annual rate of 417,000, the fastest pace since January 2006."
So does this mean that we should worry about single-family homes? According to a survey of homebuilders released on Monday, the temporary falloff is not something we should be too concerned about because if not reflective of what's happening on the market. "You'll see starts will continue to increase as the year goes on and new projects start to open up," says Scott Laurie, president of Olson Homes,