Economics
US Housing Starts Drop With Pullback in Single-Family Projects
- New homebuilding declined 4.2% last month to 1.43 million pace
- Single-family starts, permits fell to lowest since May 2020
This article is for subscribers only.
New US home construction continued to decline in October as builders contend with a sharp retrenchment in housing demand.
Residential starts decreased 4.2% last month to a 1.43 million annualized rate after an upward revision to the prior month, according to government data released Thursday. Single-family homebuilding dropped to an annualized 855,000 rate, the lowest since May 2020.