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Drop in September U.S. Home Starts Reflects Slump in South

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U.S. Housing Starts Slump on Hurricane Fallout

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A larger-than-forecast decline in U.S. new- home construction reflected the weakest pace of building in the South since October 2015, showing the fallout from hurricanes Harvey and Irma, according to government figures Wednesday.

Similar to other recent economic data, figures on housing starts have the potential to remain volatile for several months. The widespread damage from the hurricanes also may cause a further shortage of workers and ready-to-build lots, along with lingering supply-chain delays and higher prices for raw materials.