Housing starts surge to seven-year high

New residential construction weathered both the cold winter and cool economy to post its highest level of new housing starts in seven years, Bloomberg Business reports.
 
Housing starts in April were up more than 20 percent to 1.14 million, the most since November 2007 and significantly higher than the 944,000 reported for March.
 
An improving labor market and low mortgage interest rates are credited with the increase, the report states.

Read more from Bloomberg Business.