Economic Buzz: US Housing Starts Plunges By 8.1% In September

20 Oct 2022 , 09:23 AM

A report released by the Commerce Department on Wednesday showed new residential construction in the U.S. tumbled by more than expected in the month of September. The Commerce Department said housing starts plunged by 8.1 percent to an annual rate of 1.439 million in September after soaring by 13.7 percent to a revised rate of 1.566 million in August. The sharp pullback by housing starts came as single-family starts slumped by 4.7 percent to a rate of 892,000 and multi-family starts plummeted by 13.2 percent to a rate of 547,000. Meanwhile, the report showed building permits jumped by 1.4 percent to an annual rate of 1.564 million in September after plunging by 8.5 percent to a revised rate of 1.542 million in August. Powered by Commodity Insights