4/2: MetroIntelligence Economic Update by P. DUFFY

February new home sales rose 4.9 percent from January and 0.6 percent year-on-year

New-home sales rose to their highest level in 11 months in February, up nearly 5.0 percent from January but rising just 0.6 percent year-on-year.



February construction spending rose 1.0 percent from January and 1.1 percent year-on-year

Construction spending rose 1.0 percent in February following an even larger 2.5 percent gain in January.  Spending was also up 1.1 percent year-on-year.



March consumer confidence rebounded to 98.4, no emerging recession seen

Consumer confidence rebounded in March to 98.4 from last month’s 93.8, slightly above the average of 97.2 recorded in the past 26 months.  Overall, the data do not indicate an emerging recession but point toward slightly lower unit sales of vehicles and homes during the year ahead.