U.S. builders ratcheted up new construction in March, but the growth was entirely in apartment buildings. As rental demand shows no sign of abating, multi-family housing starts jumped 27 percent from February and a staggering 82 percent from March of 2012, when seasonally adjusted. These starts are now running at an annualized pace of 392,000, far higher than the ten-year historical average of 238,0000.

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