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U.S. Housing Starts Fell Last Month, Led by Multifamily Slowdown

  • One-unit starts unchanged as multi-family construction drops
  • Permits to build fall by 7.7%, the most since February
A contractor works on the roof of a house under construction in South Carolina, U.S.

A contractor works on the roof of a house under construction in South Carolina, U.S.

Photographer: Micah Green/Bloomberg
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U.S. housing starts decreased in September, driven by a pullback in multifamily construction, as lingering supply-chain constraints, shortages of skilled labor and elevated materials costs continue to challenge builders.

Residential starts fell 1.6% last month to a 1.56 million annualized rate, according to government data released Tuesday. The median estimate in a Bloomberg survey called for a 1.62 million pace.