US Housing Starts Fall to Four-Month Low on Multifamily Decline
- November construction fell 1.8% to an annualized 1.29 million
- One-family starts rise due to rebound in storm-stricken South
This article is for subscribers only.
US new-home construction unexpectedly fell in November as a drop in multifamily projects mitigated a rebound in starts of single-family houses, solely in the storm-ravaged South.
Housing starts decreased 1.8% to an annualized rate of 1.29 million, the slowest since July, according to government data released Wednesday. The median forecast was for a 1.35 million pace.