Economics
U.S. Housing Starts Ease as Single-Family Projects Decline
- New home construction fell 0.7%, third drop in four months
- Builders fall behind on overdue projects as backlogs mount
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New U.S. home construction unexpectedly slowed down in October, driven by a drop in single-family projects, as supply constraints disrupt building activity.
Residential starts fell 0.7% last month to a 1.52 million annualized rate after a downwardly revised 1.53 million pace in September, according to government data released Wednesday. The median estimate in a Bloomberg survey called for a 1.58 million pace.