Economic Buzz: US Housing Starts Fall 4.2% In October

18 Nov 2022 , 09:08 AM

New residential construction in the U.S. showed a notable decrease in the month of October, the Commerce Department revealed in a report released on Thursday. The report said housing starts tumbled by 4.2 percent to an annual rate of 1.425 million in October after falling by 1.3 percent to an upwardly revised rate of 1.488 million in September. Single-family housing starts plunged by 6.1 percent to an annual rate of 855,000, while multi-family housing stocks slid by 1.2 percent to an annual rate of 570,000. The Commerce Department also said building permits dove by 2.4 percent to an annual rate of 1.526 million in October after jumping by 1.4 percent to a rate of 1.564 million in September. Single-family building permits tumbled by 3.6 percent to an annual rate of 839,000, while multi-family building permits fell by 1.0 percent to an annual rate of 687,000. Powered by Commodity Insights